Crude Oil Approaches Major Resistance At $38

February Crude Oil futures are trading higher by $1.10 at $37.91 in Tuesday's session. Off the open, it found support $0.06 above Monday's low ($36.60) at $36.66 and began to move higher. The ensuing rally has taken the contract to a very important resistance level at the $38 level. The reason for that being that it has three consecutive highs in that area: On December 23 at $37.95, December 25 at $38.28 and on Monday it peaked at $38.09. The current high in the contract stands at $37.94.