Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Crude oil futures were trading higher by $0.17 at $57.16 in Tuesday's session. It has been a wild ride in the contract so far in today's session. During Monday's after-hours session, it declined through the pair of lows from Friday ($56.50) and Monday ($56.52), declining all the way to $56.07 before reversing course.
After making the low, it began to drift higher and spiked when rumors of an Iranian seizure of a U.S. vessel surfaced. The rally ended in a familiar resistance area just below the $58 level at $57.83. That high coincided with its high from from Friday ($57.95) and Monday ($57.89).
Since making the high, it was retreated to $57.07 and is attempting mount another rally.
The iPath S&P GSCI Crude Oil Total Return OIL traded at $11.81, up a penny.
The United States Oil Fund LP (ETF) USO traded at $19.56, up $0.03.
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