March Crude Oil futures are trading higher by $0.28 at $28.55 per barrel in Thursday's session. After reaching its lowest level since 2003 ($27.56) and posting its lowest close ($28.35), the contract is show some signs of stabilizing.
In pre-market trading the contract fell under $28, but found support ahead of Wednesday's low ($27.57), only reaching $27.87 before rebounding.
So far, it has not been able to reach the $29 handle, with the current high standing at $28.85. If the rally continues, based on the daily charts, resistance does not come in until Wednesday's high of $29.75.
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