On Monday, crude oil lost 1.20% as the combination of disappointing U.S. housing data and ongoing concerns that global supply is plentiful weighed on the price. As a result, light crude slipped to $90.41, hitting a fresh multi-month low. Will the support zone be strong enough to stop further deterioration?

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On Friday, crude oil lost 1.34% as the combination of a stronger U.S. dollar and ongoing worries that global supply is plentiful weighed on the price. Because of these circumstances, light crude declined below $92 to its lowest level since Sep15. Did this move change anything in the short-term perspective?

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In today’s alert we will focus on something that we haven’t covered in a while – the link between the USD Index and the price of crude oil. This all-important ratio can tell us quite a lot about the next big (and likely tradable) move in the black-gold commodity. Let’s see what and how.

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On Wednesday, crude oil lost 0.77% as the combination of bearish the EIA weekly report and the Federal Reserve conclusion weighed on the price. Because of this circumstances, light crude pulled back and dropped below the key resistance line. Did this downswing change the very short-term picture?

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On Tuesday, crude oil moved higher after news that the OPEC could cut its production target for next year. Additionally, fresh fighting in Libya also supported the price. As a result, light crude gained 2.07% and broke above the key resistance line. Is it enough to trigger further rally?

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