Crude Oil Futures Flirting With $40

Crude Oil futures are trading lower by $0.40 at $40.34 in Monday's session. It has surrendered all of its gains and then some instigated by the terrorist attacks in Paris on Friday. The rally in pre-market trading found resistance ahead of Friday's high ($42.21), only reaching $41.88 before heading lower. So far, it has surpassed Friday's low ($40.22), reaching $40.06 and is attempting to rebound. The last time the contract traded under $40 was on August 27, when it bottomed at $39.80 and rebounded to end the session at $43.41. Only two days later, it closed over $50 at $50.05. Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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