Crude oil retreats

Traders and short-term speculators finally seem to have thrown in the towel on crude oil as far as trying to break out above the $62.50 price level in the near-term. They may try again in another week or two, but the odds are that crude oil will trade down towards the mid or even low $50's in the coming weeks.

The NYMEX April Crude oil contract closed at $57.93 on Tuesday.

-- Jack Krupansky