On Tuesday, crude oil lost 2.09% as the comination of dissapointing U.S. consumer confidence data and signs of a lack of agreement among OPEC members weighed on the price. In this environment, light crude declined sharply, slipping below two important support lines. Does it mean that the recent rally was the last stop before new lows?

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On Monday, crude oil reversed and lost 1.64% expectations that the OPEC will not cut output overshadowed news that six world powers failed to reach a nuclear deal with Iran. Thanks to these circumstances, light crude invalidated earlier breakout and slipped below $76. Is the recent rally over?

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On Friday, crude oil gained 0.47% as Thursday’s solid U.S. data and talks that OPEC may consider trimming production continued to support the commodity. As a result, light crude left the recent consolidation and closed the day above $76. Will we see a rally to $80 in the coming days?

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On Thursday, crude oil gained 2.72% as the combination of solid U.S. data and talks that OPEC may consider trimming production supported the price. Because of these circumstances, light crude invalidated the breakdown below the support line and closed the day above another important line. Is it enough to spark the rally?

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Although crude oil moved higher after the market’s open supported by news from Iraq, the commodity reversed and erased most of gains after a bearish the EIA weekly report. In this way, light crude came back below the lower border of the trend channel and approached the key support line. What’s next?

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