Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Tests Multi-Month Highs After EIA Report
- Natural gas traders switch from October contract to November contract.
- WTI oil rallies as traders focus on tight supplies.
- Brent oil moved towards the $95.00 level.
A successful test of the resistance at $92.50 – $94.00 will open the way to the test of the next resistance, which is located in the $98.50 – $100.00 range.
Brent oil gains ground as traders focus on tight supplies. The EIA report provided significant support to oil markets as it highlighted the current supply/demand balance.
If Brent oil climbs above the $97 level, it will head towards the psychologically important $100 level.
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