July Crude Crosses $50 And Retreats

July Crude Oil futures are trading lower by $0.24 at $49.32 in Thursday's session. Earlier the contract crossed over the $50 level for the first time since December 1, when it made a high at $50.08. In today's session, it rallied to $50.21 before reversing course. So far, the ensuing decline has found intraday support at $49.22 and is attempting to rebound.