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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Ground As Traders Focus On OPEC+ Production Policy
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Key Points:
- Natural gas is trying to settle back above the $3.45 level.
- WTI oil moved above the $67.00 level as traders reacted to OPEC+ decision.
- Brent oil attempts to settle above the $69.00 level.
Natural Gas
Natural gas prices tested new lows but lost momentum and climbed back above the $3.45 level.
If natural gas stays above $3.45, it will head towards the nearest resistance level, which is located in the $3.60 – $3.65 range.
WTI Oil
WTI oil gained ground despite OPEC+ decision to boost production by 548,000 bpd in August. Analysts expected that OPEC+ would raise production by 411,000 bpd.
In case WTI oil climbs above the $68.00 level, it will head towards the resistance level at $71.50 – $72.00.
Brent Oil
Brent oil is moving higher as traders bet that OPEC+ decision highlights the strength of demand for oil.
A move above the $69.00 level will open the way to the test of the resistance at $71.00 – $71.50.
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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