Crude Oil Sharply Higher For Second Day In A Row

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Crude Oil futures were trading sharply higher by $2 at $44.56 in Friday's session. At the current high for the day ($45.04), it was over $7 above its multi-year low ($37.75) that was made on Monday.

After adding nearly $4 on Thursday (rallying from $38.60 to $42.56), it has added nearly $2.50 when it reached $45.04. It has not traded over $45 since August 11 when it peaked at $45.88.

During after-hours trading, it declined from the close ($42.56) before finding support at $41.78 and resuming its rally from Thursday. Since reaching its high for the day, it has been finding intra-day support at $44 level.

If the rally continues through the intra-day high, there may be some additional resistance at the quad of highs from $44.55 to $45.88 on August 6-11.