Crude Oil Battles Back After OPEC Does Not Institute Production Cuts

May Crude Oil futures are trading lower by $0.57 at $39.79 in Monday's session. However, it is well off its lows for the session made in premarket trading at $37.61. On Sunday, OPEC did not surprise anyone when it could not come to an agreement for cuts in production. After a lower open in the premarket session. the contract slid all the way to $37.61 before staging a rebound. That marks the lowest level for the contact since it bottomed on April 8 at $37.45. The ensuing rebound attempted to reach Friday's close ($40.36), but was turned back at 40.24.