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Crude Oil Is Rolling Over

Myles UdlandDec 18, 2014, 21:17 IST

Crude oil is starting to roll over.

In late morning trade, West Texas Intermediate crude oil futures were giving up earlier gains and were down more than 1% on the day. WTI futures were down near $56 a barrel on Thursday, after briefly touching $59 a barrel earlier.

On Wednesday, crude oil had a wild ride, spiking ahead of the Federal Reserve's announcement before giving up those gains.

Near dawn in New York, crude again rallied, but in following with yesterday's pattern, these gains are evaporating.

Crude oil has crashed over the last several months and the market is looking for the bottom in oil prices.

But the second day in a row, a crude rally looks like it's failing.