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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Retreats As OPEC+ May Raise Production By 500,000 Bpd
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Key Points:
- Natural gas attempts to settle above the $3.30 level.
- WTI oil is losing ground as traders worry that OPEC+ will decide to raise production by as much as 500,000 bpd.
- Brent oil pulled back towards the $66.00 level.
Natural Gas
Natural gas is trying to settle above the resistance at $3.20 – $3.30 as traders focus on bullish changes in weather forecasts.
In case natural gas settles above the $3.30 level, it will head towards the next resistance at $3.55 – $3.60.
WTI Oil
WTI oil is losing ground amid reports indicating that OPEC+ plans to raise production by 500,000 bpd. OPEC issued a statement denying the reports, but the market remained under strong pressure.
If WTI oil pulls back below the $62.00 level, it will head towards the support at $60.00 – $60.50.
Brent Oil
Brent oil is losing ground as traders worry that OPEC+ actions will lead to record surplus.
A move below the $66.00 level will push Brent oil towards the support level at $64.50 – $65.00.
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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