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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground Amid Iran Protests
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Key Points:
- Natural gas rebounds from multi-week lows.
- WTI oil made an attempt to test the $60.00 level but lost momentum and pulled back.
- Brent oil settled near the $63.50 level.
Natural Gas
Natural gas rebounded from multi-week lows and climbed back above the $3.35 level.
In case natural gas settles above $3.50, it will head towards the nearest resistance, which is located in the $3.70 – $3.75 range.
WTI Oil
WTI oil gained some ground as traders remained focused on protests in Iran. It should be noted that there were no disruptions in oil supply from the country.
A successful test of the resistance at $60.50 – $61.00 will push WTI oil towards the $63.00 level.
Brent Oil
Brent oil continues to move higher amid rising geopolitical tensions. However, it remains to be seen whether Brent oil will be able to gain additional momentum in case Iran protests calm down.
The technical picture remains unchanged as Brent oil needs to settle above the $65.00 level to gain additional momentum.
If you’d like to know more about what drives oil prices, please visit our educational area.
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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