On Tuesday, crude oil extended losses and dropped to a new month low at $102.30 per barrel as fears over a disruption to supplies from the Middle East continued to fade away. It’s worth noting that light crude has lost nearly 8% since September 14 when the U.S. and Russia reached a diplomatic solution on how to handle Syria’s chemical weapons.

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In the recent days there were two major factors driving the price of crude oil: subsiding geopolitical tensions around Iran and rising crude output from Libya and Iraq. Yesterday, light crude dropped to its new month low at $103.12 per barrel and extended earlier losses to almost 4%. Today, further deterioration is taking place. Did this drop change the outlook for crude oil? What’s next? We invite you to check today’s Oil Trading Alert.

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On Thursday, the price of crude oil declined slightly, to above $106 per barrel. Light crude gave back the bulk of the previous session's gains, as Libyan oil production increased and tensions over Iran eased. Crude oil slipped below the 50-day moving average and reached next strong support. What’s next? We invite you to check today’s Oil Trading Alert.

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On Wednesday, investors received bullish EIA oil data, which showed that U.S. commercial crude stocks had fallen 4.37 million barrels to their lowest level since March 2012. This was a bullish factor, which encouraged buyers to act and resulted in an increase to over $106 per barrel. As it turned out later, it was not the end of good news for oil bulls. The next one was the FOMC statement, which followed earlier bullish EIA data. Most economists had expected that the U.S. central bank would announce a $10 billion or even $20 billion reduction. Meanwhile, investors heard two words: no taper. What impact did these events have on crude oil? We invite you to check our Oil Trading Alert.

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Although on Tuesday the price of crude oil dropped to its lowest level since September 3, oil bulls received positive news from the American Petroleum Institute, which said that U.S. crude inventories fell by 0.3 million barrels last week, compared to expectations for a decline of 1.5 million barrels. What impact did this have on crude oil’s chart? We invite you to check today’s Oil Trading Alert.

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