Crude Oil Futures Mount Monster Rally Above $60

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show. Crude Oil futures were trading sharply higher by $2.00 at $60.93 in Tuesday's session. Over the last three sessions it has challenged the $60 the level, reaching $59.85 on Thursday, $59.90 and $59.73 in Monday's session before finally breaking through in today's session. So far, it has reached $61.10 in today's session. This marks the first time it has traded in the $60 handle since December. In that cruel month, crude futures came down to the $75 level, spent very little time in the $60 handle and bottoming in the mid-$50's handle. Longer term, crude oil futures have not had significant retracement from the June high of $107.22 to its March low of $45.42. Based on the June contract, a 50 percent retracement in those levels comes in at $76.37. The United States Oil Fund LP (ETF) USO was trading at $20.90, up $0.61.