Crude Oil Is Rolling Over

Crude oil is has given up some gains.

In early afternoon trade on Thursday, West Texas Intermediate crude oil futures were trading near $US56.50, well off earlier highs near $US59 a barrel. 

This is a bit of a bounce, however, from late morning lows of around $US55.50. Oil was adding some gains as the US stock market saw its own gains accelerate, with the Dow now up more than 300 points.

On Wednesday, crude oil had a wild ride, spiking ahead of the Federal Reserve’s announcement before giving up those gains. 

Near dawn in New York, crude again rallied, but in following with Wednesday’s pattern, these gains are evaporating. 

Crude oil has crashed over the past several months, and the market is looking for the bottom in oil prices. 

But for the second straight day, a crude rally seems to be failing.

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