On Thursday, crude oil lost 0.48% as investors weighed economic data from two largest oil consumer nations and the increase in U.S. crude oil inventories. Because of these circumstances, light crude hit a 6-week low and reached a support level. Will all bearish technical factors push the price lower?

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In yesterday's Oil Trading Alert we wrote that there will be no alert today, but we decided to provide you with this alert anyway, because we think we saw something particularly important on the crude oil market. Namely, we saw a significant move lower and a close below the psychologically important $100 level and we think this provides us with a great trading opportunity.

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On Tuesday, crude oil came back above $102 on ongoing concerns that tensions between Russia and the West could lead to stronger sanctions and disturb exports from Russia. However, the commodity erased earlier gains as disappointing data and prospects for increased exports from Libya weighted on the price. Thanks to these circumstances, light crude closed the day below important medium-term line once again. Will the consequences of this event be bearish enough to push the price below the key level of $100?

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On Monday crude oil declined to its lowest level since Apr.7 as sanctions against Russia and Libya supply prospects weighted on the price. Although the commodity rebounded later in the day, it still remains below the previously-broken important lines. Are they strong enough to trigger further deterioration?

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On Friday, the price of light crude declined from $102 as concerns over domestic supplies encouraged oil investors to sell the commodity for profits. Will the psychological barrier of $100 withstand the selling pressure in the following days?

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