Crude Oil Sharply Lower

May Crude Oil futures are trading lower by $1.34 at $37 in Friday's session. The issue was already trading in the red before the Saudi's announced they would not reduce their oil production unless Iran and major producers do the same. The contract found resistance in after-hours trading just above the triple-close area around $38.30, peaking at $38.56 before reversing course. It attempted to reclaim that area around 6:30 a.m. ET but stalled at $38.38. The contract has fallen under $37, so far reaching $36.72, and is attempting to rebound.