Crude Unable Hold Gains

March Crude Oil futures are trading lower by $0.41 at $29.03 in Tuesday's session. The contract spiked to $31.53 in premarket trading, when it was reported OPEC is making another attempt to reduce supply. That higher coinicdes with is February 8 ($31.38). After making that high, it quickly retreated in choppy trading and continued to make new lows on the day. At this time, it attempting to stay in the $29 handle, after just posting an intraday low of $28.84.