Crude Revisits $49

August Crude Oil futures are trading higher by $1.34 at $49.19 per barrel in Wednesday's session. The rally from late in the day on Tuesday has carried over into today's session. In fact, the low for the day is $0.13 above Tuesday close ($47.85) at $47.98. The contract has now rallied over $3. since Monday's low ($45.83). Crude Oil was hovering near its low for the day, when it caught a bid off the EIA data at $10:30 AM. So far, the rally has reached $49.20 and is not far off that level. Based on the daily charts, there is limited resistance in the remainder of the $49 handle.