Crude Takes Another Shot At The $50 Level And Fails Once Again

July Crude Oil futures are trading lower by $0.50 at $48.83 in Tuesday's session. Earlier in the session, it traded in the $50 handle for the second time in its last three sessions, but came up shy of the high for move ($50.21), stalling at $50.10 and reversing course. The pullback of the high was accelerated when the UAE stated "it was happy with the oil market". implying there may not be any further production cuts to boost price. The contract has now fallen under $49 and has yet to stabilize. If the slide continues, there may be minor support at Friday's low ($48.69).