Crude hits important technical level

Front-month crude oil futures dropped more than $1 on Wednesday and settled at its lowest level since Nov. 2, 2011. The close of the June contract at $92.81 on Wednesday puts the front-month crude oil futures nearly exactly at the 50% retracement of the move from its Oct. 4 low, $74.95 to its March 1 high, $110.55. 


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