Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground Amid Signs Of Rising Demand

Natural Gas

Natural gas tested new lows as pullback continued amid demand concerns.

A successful test of the support at $3.35 – $3.40 will open the way to the test of the next support level at $3.05 – $3.10.

WTI Oil

WTI oil gained some ground amid reports indicating that Saudi Arabia will raise its August crude oil prices for Asian customers.

The technical picture remains unchanged as WTI oil needs to settle above the resistance at $66.00 – $66.50 to gain additional upside momentum.

Brent Oil

Brent oil moved higher as traders bet on rising demand for oil. It should be noted that the upcoming OPEC+ production increase is the key bearish catalyst for the market, and it remains to be seen whether demand is strong enough to absorb additional production.

If Brent oil climbs back above the $68.00 level, it will head towards the psychologically important $70.00 level.

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