Crude Oil Approaching $40

Crude Oil futures are trading lower by $1.70 at $40.15 in Wednesday's session. Its long consolidation period between $41-$43 has been resolved to the downside. Around 10:30 a.m. ET, the contract spiked to $41.97 when OPEC announced cuts in production. However, the rally was short-lived and it began to move lower. Based on the front month contract (January), the low for the recent move from August stands at $39.65.