On Tuesday, crude oil lost 1.67% as ongoing speculation the Organization of the Petroleum Exporting Countries will not cut output continued to weigh on the price. As a result, the commodity extended losses and approached the key support line. Will light crude finally rebound from here?

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On Monday, crude oil lost 0.61% as stronger greenback weighed on the price. In this way, light crude slipped below the support line, but oil bulls managed to invalidate the breakdown in the following hours. Does it mean that investors’ sentiment is improving and we could see further growth in crude oil?

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Although crude oil hit a fresh four-year low on Friday, the commodity rebounded sharply as upbeat U.S. data and speculations that OPEC countries may consider cutting output supported the price. As a result, light crude closed the day above $75 and invalidated the breakdown below important support lines. Is it enough to trigger a trend reversal?

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On Thursday, crude oil lost 3.39% as weaker-than-expected Chinese data and ongoing worries over a glut in oil market weighed on the price. As a result, light crude broke below two support lines and reached the 50% Fibonacci retracement. Wil it withstand the selling pressure and we’ll see a rebound in the coming days?

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Despite today’s early-session decline (which made us open a trading position), not much changed on the crude oil market so far this month. Since there were no big upswings or downswings for us to comment on (well, despite today’s move), in addition to commenting on today’s price changes, we’ll take a step back and focus on something different – the current trend.

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