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.

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