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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests Multi-Month Lows On Oversupply Concerns
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Key Points:
- Natural gas retreats amid profit-taking.
- WTI oil moved towards the $60.50 level as traders worried about OPEC+ plans to raise production in November.
- Brent oil pulled back towards the $64.00 level.
Natural Gas
Natural gas pulls back as traders take profits off the table after the strong rally from September lows.
If natural gas settles below the $3.40 level, it will head towards the nearest support at $3.00 – $3.05.
WTI Oil
WTI oil tests new lows as traders remain worried that OPEC+ will raise production by 500,000 bpd in November.
A successful test of the support at $60.00 – $60.50 will open the way to the test of the next support level at $55.50 – $56.00.
Brent Oil
Brent oil is under pressure amid oversupply concerns. Currently, Brent oil is trying to settle below the support at $64.50 – $65.00.
In case this attempt is successful, Brent oil will move towards the next support level at $60.50 – $61.00.
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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