Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Traders Stay Cautious As OPEC+ Is Reportedly Ready To Boost Production
By:
Key Points:
- Natural gas prices climbed towards the $3.75 level.
- WTI oil was mostly flat as traders focused on OPEC+ policy.
- Brent oil was stuck in the $67.50 - $68.00 range.
Natural Gas
Natural gas rallied as traders rushed to close their short positions ahead of the weekend. The current demand for natural gas remains high, which may provide additional support to natural gas markets.
If natural gas stays above the $3.65 level, it will head towards the next resistance level at $3.95 – $4.00.
WTI Oil
WTI oil is swinging between gains and losses as the market continues to stabilize after recent volatility.
If WTI oil pulls back below the 50 MA at $63.84, it will head towards the support level at $62.00 – $62.50.
Brent Oil
Brent oil remains stuck near the support at $67.50 – $68.00. Recent reports indicate that OPEC+ may further boost its production, but the market showed little reaction to the news.
A move below the 50 MA at $66.57 will open the way to the test of the next support level, which is located in the $63.50 – $64.00 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.
Advertisement