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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As OPEC+ May Raise Production
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Key Points:
- Natural gas made an attempt to settle above the $3.10 level.
- WTI oil is under strong pressure as traders worry that OPEC+ will raise production.
- Brent oil pulled back below the $68.00 level.
Natural Gas
Natural gas continues its attempts to settle above the resistance at $3.00 – $3.05 as traders stay bullish.
A successful test of the resistance at $3.00 – $3.05 will open the way to the test of the next resistance level at $3.25 – $3.30.
WTI Oil
WTI oil pulls back amid reports indicating that OPEC+ will decide to boost output at the meeting on Sunday.
If WTI oil stays below the $63.50 level, it will head towards recent lows near the $62.00 level.
Brent Oil
Brent oil is under pressure as traders worry about rising production from OPEC+ countries.
From the technical point of view, Brent oil failed to settle above the resistance at $67.50 – $68.00.
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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