As you can see from the Daily chart, the price has found a strong resistance at 63.15 and now is going down again. The price is very close to reach the ascending trendline on short term but looks like that this support will not hold.
If the price will break this support, then is possible to go towards the lowest low from 46,43 or even lower.
There was some positive data out on Friday saying the US oil production levels have been cut back (another drop in rig count) but the market was extremely bearish this week – maybe this is a short run correction or consolidation because we have seen such a strong rally off the bottom?
China is a big push in this bearishness – it is slowing down even more. We also have the Iran deal that looks like it will come thru in March. If the oil embargo is lifted we will see more supply there and that will add to the glut.
As I was expected, the price has broke the short term support and now is going down. The price has slowed down the decrease but is expected to continue the downward movement, we have an intraday support at 52,76.