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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rallies As Traders Weigh Potential Sanctions On Russia
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Key Points:
- Natural gas markets pulled back ahead of the weekend.
- WTI oil gained ground as traders prepared for additional sanctions on Russia, which may be announced on Monday.
- Brent oil climbed back above the $70.00 level.
Natural Gas
Natural gas made an attempt to settle above the resistance at $3.35 – $3.40 but lost momentum and pulled back.
If natural gas declines below the $3.30 level, it will head towards the support at $3.05 – $3.10.
WTI Oil
WTI oil rallied as traders focused on potential sanctions on Russia. U.S. President Donald Trump said that he would make a “major statement” on Russia on Monday.
If WTI oil manages to settle above the $69.00 level, it will head towards the resistance level at $71.50 – $72.00.
Brent Oil
Brent oil is moving higher as traders worry that potential sanctions on Russia may hurt supply.
RSI is in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge.
For a look at all of today’s economic events, check our 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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