Crude Oil Futures Lower

Crude Oil futures are trading lower by $0.51 at $38.95 per barrel in Monday's session. After peaking at $40.14 in pre-market trading around 4:00 a.m. ET, it has been drifting lower. The ensuing decline has taken the contract to the $39 area, but it has not been able to manage a sustained rally. If the decline continues, the next support based on the daily charts does not come in until Thursday's low ($38.33).