Crude Makes A Run At $40 On Prospect Of Cutbacks In Supply
May crude oil futures are trading higher by $2.08 at $39.34 in Friday's session. They started move higher late in Thursday's session, which carried over into Friday's open. After ending Thursday's session at $39.26, they opened higher and retreated only $0.07 to $37.45 before resuming higher.
The rally continued and did not meet any major resistance until reaching $39.84 around 11:30 a.m. They made another run at that level around 1 p.m., but were turned back at $39.83. The current high coincide with the March 30 high ($39.85).
Since making the high, it has been finding intra-day support at the $39.25 area.
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