Oil: Kuwait oil employees and union end strikes

Oil has rallied in the last hour and has early Asian markets off-guard.

The latest round of news for the industry is with Kuwait's Oil Employees and Union announcing that they are ending the strike and agree to resume work at 7AM today.

While oil rallied, strangely, WTI moved from 40.93 lows to $42.26 the high and is now resuming the downside again to current $41.76 spot with a target of $41.50 ahead of the 100 sma on the hourly sticks located at $40.48 and the 200 sma at $40.19. The move fell just short of the 12th April and 2016 highs of $42.39.