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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Session Lows Amid Rising Tensions In The Middle East
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Key Points:
- Natural gas pulls back amid profit-taking.
- WTI oil climbed back above the $57.00 level as traders focused on the Middle East.
- Brent oil moved back above the $60.00 level.
Natural Gas
Natural gas pulls back as traders take profits after the strong rebound from recent lows.
A move below the $3.50 level will open the way to the test of the support at $3.35 – $3.40.
WTI Oil
WTI oil rebounded from session lows as traders focused on rising tensions in the Middle East. Yemen’s Houthis attacked Israel’s Ben Gurion Airport, while Israel retaliated by striking the Houthi-controlled port and other targets.
From the technical point of view, WTI oil needs to climb above the $58.00 level to have a chance to gain upside momentum.
Brent Oil
Brent oil has also moved away from session lows as traders focused on recent developments in the Middle East. However, OPEC+ plans to boost production in June force traders to stay cautious.
A move above the $60.50 level will open the way to the test of the resistance at $62.00 – $62.50.
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.
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