Crude oil is currently trading with stability but if we recent past, we see no particular pattern on charts. Fundamentally, oil is somewhat stable now with oil rigs in US falling and more than expected drawdown of crude oil inventories. The API and EIA data are closely watched by the investors to drive the crude oil market. The supply side still seems to be in a glut with Saudi Arabia declining to decrease the output level and it also decreased the oil futures price. With Iran coming in production scenario as soon as the sanctions are lifted, we can predict the oil to fall. $42 is one major level which if broken, we can see further selloff.