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USAI - Pressure In The Crude Oil Market - Looking For A Bottom
American Energy Independence
In April 2019, the price of crude oil rose to its high for last year when the price reached $66.60 per barrel. The move to the upside was impressive, as the energy commodity traded to a low of $42.36 per barrel in December 2018 on the active month NYMEX futures contract. While crude oil rallied by over 57% in four months, the price ran out of upside steam before it could come close to the 2018 peak of $76.90 in October. After reaching that high, the NYMEX futures took an elevator shaft to the downside