Crude Rallies Despite Weak Fundamentals

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

October Crude Oil futures are trading higher by $1.64 at $45.79 in Thursday's session. Despite a build on inventories and the US House Subcommittee passing a repeal ban bill for exports, the contract is staging an impressive rally. For the third time in the last eight trading sessions, the contract has found support at the $43.50 level and staged significant rallies. That area coincides with a 50 percent of the from its recent multi-year at $37.75 and it's August 31 high. In after hours trading, the decline from close ($44.15) found support at $43.36 and reversed course. After a steady climb to $45, it retreated to the $44 before open outcry trading commenced and began to move higher. Since finding support at that level, it has rallied to $46.01 That comes up shy of Tuesday's ($46.41) and Wednesday's ($46.26) highs. Also, it should be noted that since putting in the recent top at $49.33, it has failed to surpass it previous session high in five of the last six session. However, with three hours remaining in today's session and Crude hovering near its highs, that technical pattern may be interrupted once again..