Although crude oil moved little higher on Friday, hitting an intraday high of $106.19, the commodity reversed and posted its second weekly loss in three weeks as the immediate threat of losing Iraqi oil supply due to violence in the country faded. As a result, light crude closed the week below the medium-term support. Will it trigger further deterioration?

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On Thursday, crude oil lost 1.08% as Wednesday’s disappointing readings on supply-demand fundamentals, U.S. gross domestic product data in combination with U.S. consumer spending and weekly jobless claims numbers triggered a sharp decline. As a result, light crude tested the strength of the support zone once again. Will oil bears be able to break it this time?

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On Wednesday, crude oil moved higher as news that the U.S. government has allowed some exports of a form of ultra light oil supported the price. However, the commodity gave up some gains after disappointing the EIA weekly report. In this way, light crude declined below the strong resistance zone once again. Is it time for a sizable downswing?

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On Tuesday, crude oil moved higher as stronger than expected U.S. data boosted demand for the commodity. However, light crude reversed as investors sold it for profits for a second session in a row. Because of these circumstances, crude oil declined to its nearest support zone. Will oil bears be strong enough to push the price below it?

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Although crude oil moved higher after the market’s open supported by better than expected Chinese and U.S. data, the commodity reversed and declined sharply as investors sold the commodity for profits. As a result, light crude invalidated earlier breakout and finished the day slightly above $106 per barrel. What other bearish signs sprung up on the horizon?

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