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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows On Demand Concerns
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Key Points:
- Natural gas gains some ground ahead of the weekend.
- WTI oil pulled back below the $68.00 level as traders reacted to U.S. job market data.
- Brent oil is trying to settle below the $71.00 level.
In this article:
Natural Gas
Natural gas continues its attempts to settle above the strong resistance level at $2.25 – $2.30.
In case natural gas manages to settle above the $2.30 level, it will move towards the resistance at $2.55 – $2.60.
WTI Oil
WTI oil tests new lows as traders remain worried about the strength of demand. The potential economic slowdown in the U.S. and China may put significant pressure on oil prices.
In case WTI oil settles below the support at $68.00 – $69.00, it will move towards the next support level at $64.00 – $64.50.
Brent Oil
Brent oil is under strong pressure amid demand concerns. RSI remains in the moderate territory despite the significant pullback, which is bearish for Brent oil.
From the technical point of view, Brent oil is heading towards the next support level at $69.50 – $70.00.
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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