Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Soars As OPEC+ May Deepen Production Cuts
- Natural gas is losing ground as traders stay focused on rising inventories.
- WTI oil rallied as OPEC+ may further cut production to boost prices.
- Brent oil moved back above the $80.00 level.
WTI oil rebounds amid reports indicating that OPEC+ may deepen its production cuts to provide additional support to the market.
WTI oil was already close to the oversold territory, so it’s not surprising to see that short sellers rushed to take profits off the table.
Brent oil has also gained strong momentum as changes in OPEC+ production plans may lead to serious changes in the supply/demand balance.
To continue the rebound, Brent oil needs to settle above the nearest resistance, which is located in the $80.50 – $81.75 range.
For a look at all of today’s economic events, check out our economic calendar.