Crude oil futures correct to the 50% retracement level

Bounce off the midpoint on the first look
The price of crude oil futures has moved lower in trading today. It is currently trading at $48.32 down -$1.35 or 2.76%.  The low extended to $47.73. The high reached $49.71 (nearly a $2.00 trading range). Libya crude output picked up and US production is climbing.