On Monday, crude oil lost 0.77% after Goldman Sachs cut its price forecasts for the first quarter of 2015. Additionally, bearish European data released earlier affected negatively the price of light crude. As a result, the commodity hit a fresh multi-month low and slipped below $80 for the second time this month. Will this psychologically important level withstand the selling pressure in the coming days?

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On Friday, crude oil lost 0.68% as concerns over a global oversupply continued to weigh. Additionally, soft U.S. housing data pushed the commodity below $82 per barrel. Will we see another test of the strength of the psychologically important level of $80?

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On Thursday, crude oil gained 1.90% on news that Saudi Arabia cut its supply to the market in September. Thanks to these circumstances, light crude bounced off the key level of $80 and erased almost 60% of Wednesday’s losses. Is it the first sign that investors‘ sentiment is improving?

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On Wednesday, light crude lost 2.69% as bearish the EIA weekly report on crude oil inventories weighed on the price. Because of these circumstances, the commodity broke below the long-term support once again, approaching the recent lows. Will we see a double bottom formation?

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Although crude oil started yesterday’s session almost $1 below Monday’s closing price, the commodity rebounded in the following hours supported by solid Chinese and U.S. data. Did this increase change the very short-term picture?

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