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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Drops 2.5% As Traders Prepare For OPEC+ Meeting
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Key Points:
- Natural gas moved lower amid profit-taking.
- WTI oil suffered a sell-off as traders worried that OPEC+ will boost production at the meeting on Sunday.
- Brent oil pulled back towards the $65.50 level.
Natural Gas
Natural gas is losing some ground as traders take some profits off the table after the strong rebound from August lows.
From the technical point of view, natural gas needs to stay above the $3.05 level to have a chance to gain upside momentum in the near term.
WTI Oil
WTI oil is under strong pressure amid reports indicating that Saudi Arabia wants to raise production at the OPEC+ meeting on Sunday.
If WTI oil settles below the $61.50 level, it will head towards the nearest support at $60.00 – $60.50.
Brent Oil
Brent oil is losing ground as traders worry that rising supply will put additional pressure on prices.
A move below the $65.00 level will push Brent oil towards the support level at $63.50 – $64.00.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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