Crude Oil Back Above $60

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show. Crude Oil futures were trading higher by $1.48 at $60.73 in Tuesday's session. After a pair of closes in the same area -- $59.39 on Friday, $59.28 on Monday -- it found support just under that area in after-hours trading at $59.12 and began to rally. So far, it has reached $61.13 in today's session, which is just above the highest close ($60.93) from the recent rally off the March 18 low ($45.42). The current intraday high is just shy of its May 7 high ($61.31). That high was made one day after the contract reached it highest level since December 22, when it peaked at $63.08. The United States Oil Fund LP (ETF) USO was trading at $20.80, up $0.42.