Crude oil extended yesterday's rebound in early trading on Thursday but came under pressure over the course of the session. After reaching a high of $74 a barrel, crude for February delivery plunged as low as $71.
The price of crude oil moved sharply higher during trading on Wednesday, regaining ground following the significant pullback seen over the past several sessions.
After moving sharply higher in early trading, the price of crude oil showed a substantial downturn over the course of the trading session on Tuesday. Crude for February delivery surged nearly $2 to a high of $73.
The price of crude oil fell after a cartel of oil-producing nations led by Saudi Arabia surprised the market by issuing a statement that failed to include an expected pledge to cut production by another million barrels per day.