On Friday, crude oil lost 0.54% as worries over a supply glut weighed on investors’ sentiment. As a result, the commodity reversed and approached the recent low. Will we see further deterioration in the coming days?

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On Thursday, crude oil hit a fresh multi-month low of $92.50 as a disappointing HSBC preliminary reading of China's PMI fueled fears over a slowdown in the world's second largest oil consumer. Although upbeat U.S. economic data released later in the day erased some losses, the commodity still remains below the recent lows. Will we see a test of the strength of the 2014 low in the coming days?

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On Wednesday, crude oil gained 1.94% after the EIA weekly report showed that oil supplies in the U.S. fell more than expected. Thanks to this data, light crude invalidated the breakdown below an important support zone. As is well known, such price action is a strong bullish signal that usually trigger further improvement, but can we trust it this time?

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On Tuesday, crude oil lost 2.10% as worries over conflicts in Ukraine and Iraq waned. As a result, light crude dropped to its lowest level since Jan 21 and slipped below an important support area, hitting an intraday low of $94.26. Will the commodity correct to $93 per barrel in the near future?

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On Monday, crude oil lost 0.66% as worries over swelling crude oil supplies outweighed upbeat U.S. housing data. Despite this drop, light crude remains in the consolidation, slightly above the important support zone. Is this a sign of strength?

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