Crude Oil Rips North

March Crude Oil futures are trading higher by $3 at 29.21 in Friday's session. The contract caught a bid mid-afternoon on Thursday, when rumors circulated regarding potential cuts in oil production by OPEC. By the end of the after-hours session, the contract rallied from its the 4 p.m. close of $26.21 to $27 by the 6:00 p.m. close. After briefly falling into the $26 handle, bottoming at $26.95, the rally resumed. So far, it has reached $29.41 and is not far off that level. If the rally continues beyond the psychological resistance level of $30, Tuesday's high stands at $30.61.