On Thursday, crude oil lost 3.38% as a stronger greenback weighed on the price once again. As a result, light crude hit a fresh multi-year low of $58.96 and closed the day below $60 for the first time mid-Jul 2009. How low could the commodity go?

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In today’s Oil Trading Alert we will focus on the most important perspective and the most timely question that oil traders are asking themselves today. These are: the long-term perspective and the question at what price level is the crude oil likely to finally bottom.

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Although crude oil hit a fresh multi-year low after the market’s open, the commodity rebounded in the following hours supported by a weaker greenback. In this way, light crude gained 0.40%, but still remains under the previous lows. What’s next?

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On Monday, crude oil lost 3.98% as the combination of as lackluster readings from Asia and a price cut by Iraq fueled worries about a global supply glut. Thanks to this circumstances, light crude hit a fresh multi-year low, breaking below solid support zone. How low could the commodity go?

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On Friday, crude oil lost 1.65% as a stronger U.S. dollar and news that Saudi Arabia lowered the price of oil for buyers in the U.S. and Asia continued to weight. As a result, light crude moved lower for the fourth time in a row and closed the week at its lowest level since mid-Jul 2009.

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