Looming Norway strike boosts expectations of tighter markets and appears Oil-supportive. But gains remains capped by stronger US dollar and nervousness ahead of API crude inventories report. WTI (oil futures on NYMEX) is closely tracking its European rival, Brent, as the supply disruption threats from a potential Norwegian strike. Reuters reports that hundreds of workers on Norwegian oil and gas offshore rigs are due to strike on Tuesday after rejecting a proposed wage deal, a move which will likely affect the production of at least one field, Shell’s Knarr. The black gold also remains supported on escalating concerns over supply shortage looming from Venezuela, Libya and Iran. Iran’s Vice President noted that Iran will still sell as much oil as it can despite ‘economic war’ with the US. However, ongoing US dollar rebound combined with nervousness ahead of the US API crude inventories data appear to keep the upside restricted. WTI Technical Levels: Omkar Godbole, FXStreet’s Analyst, offers key technical levels for trading WTI in the day ahead: Resistances: $74.78 (resistance on hourly chart), $75.00 (psychological level), $ 74.57 (recent high). Supports: $73.65 (200-hour moving average), $72.97 (low of the big long-legged doji seen in the hourly chart), $72.11 (July 6 low). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR futures: interim top in place? FX Street 3 years Looming Norway strike boosts expectations of tighter markets and appears Oil-supportive. But gains remains capped by stronger US dollar and nervousness ahead of API crude inventories report. WTI (oil futures on NYMEX) is closely tracking its European rival, Brent, as the supply disruption threats from a potential Norwegian strike. Reuters reports that hundreds of workers on Norwegian oil and gas offshore rigs are due to strike on Tuesday after rejecting a proposed wage deal, a move which will likely affect the production of at least one field, Shell's Knarr. The black gold also remains supported on escalating concerns over supply… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
