Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As OPEC+ Boosts Production Less Than Expected

Natural Gas

Natural gas pulled back from session highs and moved towards the support level at $3.25 – $3.30.

In case natural gas declines below the $3.25 level, it will head towards the next support at $3.00 – $3.05.

WTI Oil

WTI oil gained ground as OPEC+ decided to raise production by 137,000 bpd in November. Traders feared that OPEC+ will boost production by as much as 500,000 bpd to gain market share.

A move above the $62.00 level will push WTI oil towards the 50 MA at $63.88. If WTI oil climbs above the 50 MA, it will head towards the resistance level at $66.00 – $66.50.

Brent Oil

Brent oil rebounded as traders reacted to OPEC+ decision. The sell-off in the European bond markets did not put any pressure on oil prices today.

From the technical point of view, Brent oil failed to settle below the support at $64.50 – $65.00, which was an encouraging development for the bulls.

For a look at all of today’s economic events, check out our economic calendar.