Crude oil prices trading steady in $77 to $80 range

Crude oil prices are trading steady in the $77 to $80 a barrel range with NYMEX Light crude oil futures for July at $77.23 and Brent crude oil futures at $78.52 a barrel on the ICE Futures Exchange. Oil prices have risen for a third day running on Wednesday, lifted by a surprise drop in US gasoline inventories that stoked demand hopes for the US. Right now, the longer term outlook for oil prices suggest increasing prices with a rebound from historical support. The momentum of price increase may be faster than the price increases in the past 12 months because of the rapid breakout behavior when resistance is broken. The current support level for oil prices is around $68. This is a long term significant historical support and resistance level. The next resistance level is near $78, and $89 after that. Brent oil trading lower on continued euro debt concerns Light oil prices end the week well above $80 trading range Brent oil rollercoaster ride ahead as EU sets euro strategy Oil prices start the week trading higher on US data Brent oil price trading at 2010 highs on contract expiry Crude oil prices hit 2010 trading high on falling US dollar Brent oil price trading under $76 on Greece Worries Brent oil prices trading around $71, heading lower? Brent oil price trading near $76 mark on higher Euro Oil prices end week around $74 mark in uncertain market Brent oil price trading above $72, looks to US crude data Crude oil prices fall four percent on gloomy US jobs data Oil prices open trading around $72 mark, US dollar gains Brent oil price sinks under $72 as the Euro looses ground Oil prices trading at $71 mark, following stock markets Oil prices back at $70 range after 20 percent May losses Brent oil trading at $71 as commodities & markets wacked Brent oil price dips under $77 as Europe spooks markets Brent oil price dips to $77 as traders close long positions Oil prices back in $85 to $90 trading range, in mixed week

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Crude oil prices trading steady in $77 to $80 range