On Monday, crude oil lost 3.11% as Saudi Arabia cut its selling price for oil to the U.S. Additionally, stronger greenback also weighed on the price. In this environment, light crude hit a fresh multi-month low and closed the day below $80 for the firs time since the end of Jun 2012. How low could oil bears push the price in the coming days?

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On Friday, crude oil lost 0.39% as stronger U.S. dollar weighed on the price. Although the price slipped below the very short-term support and the key level of $80 once again, the commodity rebounded in the following hours. Does it mean that investor sentiment is improving and we could see a bigger upward move in the near future?

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On Thursday, crude oil lost 1.13% as stronger greenback weighed on the price. As a result, light crude reversed and declined to the very short-term support. Will it encourage oil bulls to act?

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On Wednesday, crude oil climbed to almost $83 per barrel after the EIA weekly report showed a smaller-than-expected rise in domestic crude stockpiles. However, the commodity gave up some gains after the Fed statement. Finally, light crude gained 0.45% and reached the long-term resistance. Will we see a successful breakout in the coming days?

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On Tuesday, crude oil gained 1.13% as weaker U.S. dollar supported the price. In this way, the commodity bounced off a multi-month low and closed the day above $81. Did this upswing changed the very short-term outlook?

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