Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As OPEC+ Delays Production Hike

By:

Vladimir Zernov

Published: Nov 4, 2024, 18:45 GMT+00:00

Key Points:

Natural gas gained strong upside momentum at the start of the week.
WTI oil moved higher as OPEC+ decided to delay its production hike.
Brent oil climbed towards the $75.00 level.

Natural Gas

Natural Gas 041124 Daily Chart

Natural gas rallied as traders rushed to buy the dip. It should be noted that demand is expected to be low this week, so it remains to be seen whether natural gas will gain additional momentum.

If natural gas manages to settle above the resistance at $2.75 – $2.80, it will head towards the next resistance level, which is located in the $3.00 – $3.05 range.

WTI Oil

WTI Oil 041124 Daily Chart

WTI oil gains ground as OPEC+ delayed its output hike. OPEC+ was due to increase output by 180,000 bpd in December.

In case WTI oil manages to settle above the resistance at $72.00 – $72.50, it will head towards the next resistance level at $77.00 – $77.50.

Brent Oil

Brent Oil 041124 Daily Chart

Brent oil is moving higher as traders focus on the news from OPEC+ and prepare for U.S. elections.

If Brent oil settles above the 50 MA at $74.62, it will move towards the resistance level, which is located in the $77.00 – $77.50 range.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir Zernovauthor

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.