On Monday, crude oil lost 0.65% as worries over potential supply disruptions in the Middle East continued to ease. Because of these circumstances, light crude dropped to a 4-week low, reaching another downside target. Is the space for further declines limited?

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On Thursday, crude oil declined to its lowest levels since June 10 as situation in Libya overshadowed U.S. economic data. As a result, light crude closed the day below the medium-term support line. Will this event encourage oil bears to push the price lower?

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On Wednesday, crude oil moved higher after the market’s open, supported by the bullish EIA weekly report. However, news that Libya agreed to open two of its ports for oil exports pushed the commodity to the lowest level since mid-June. In this way, light crude reached an important medium-term support line. Will it trigger a corrective upswing?

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On Tuesday, crude oil lost 0.30% as the combination of Chinese and U.S. data weighed on the price. Because of these numbers, light crude declined temporarily below its nearest support zone and closed the day slightly above it for the second day in a row. Will we see a breakdown or a rebound from here?

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On Monday, crude oil lost 0.21% as mixed U.S. economic data weighed on investors’ sentiment. In this way, light crude tested the strength of its nearest support zone and closed the day slightly above it. Is this as positive sign as it seems at the first glance?

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