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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As OPEC+ Agrees To Boost Production In July
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Key Points:
- Natural gas gained strong upside momentum as traders focused on wildfires in Canada's Alberta.
- WTI oil rallied as OPEC+ production boost did not exceed estimates.
- Brent oil made an attempt to settle above the $65.00 level.
Natural Gas
Natural gas gained strong upside momentum as traders reacted to wildfires in the Canadian province of Alberta.
If natural gas stays above the $3.65 level, it will move towards the next resistance level at $3.85 – $3.90.
WTI Oil
WTI oil made an attempt to settle above the $63.00 level as OPEC+ decided to raise production by 411,000 bpd in July. Traders worried that OPEC+ may boost production above this level.
If WTI oil settles above $63.00, it will head towards the resistance level at $66.00 – $66.50.
Brent Oil
Brent oil gained strong upside momentum amid broad rally in commodity markets.
A move above the 50 MA at $66.08 will push Brent oil towards the resistance level at $67.00 – $67.50.
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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