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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Gains Some Ground As Traders Stay Focused On The Middle East
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Key Points:
- Natural gas gained ground after yesterday's sell-off.
- WTI oil moved higher as traders focused on Middle East tensions.
- Brent oil settled near the $73.00 level.
Natural Gas
Natural gas rebounded after yesterday’s sell-off in holiday-thinned trading.
If natural gas settles back above the $3.40 level, it will move towards the nearest resistance at $3.55 – $3.60.
WTI Oil
WTI oil is mostly flat as traders focus on the situation in the Middle East. Israel and Hezbollah accuse each other of ceasefire violation.
If WTI oil settles above the $69.00 level, it will head towards the 50 MA at $70.57. A move above the 50 MA will push WTI oil towards the resistance at $72.00 – $72.50.
Brent Oil
Brent oil gained some ground, supported by tensions in the Middle East. OPEC+ delayed its meeting from December 1 to December 5, but the market did not show strong reaction to this decision.
If Brent oil climbs above the 50 MA at $74.35, it will head towards the resistance level at $77.00 – $77.50.
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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