Natural Gas, WTI Oil, Brent Oil – Oil Markets Test New Highs As Traders Stay Focused On China
- Natural gas markets are trying to move away from multi-month lows.
- WTI oil tested new highs as traders bet on rising demand from China.
- Brent oil is moving towards the resistance at the $90 level.
Natural gas received support near multi-month lows as demand increased due to colder weather. Forecasts indicate that weather will get colder at the end of the month, which may provide more support to natural gas markets.
WTI oil tested new highs at $82.60 as traders bet on rising demand from China. Traders stay focused on China as recent data indicates that demand for travel in the country increased despite coronavirus-related problems.
Brent oil tested the $89 level amid optimism about China’s reopening. While Brent oil gained almost 15% from the recent bottom, RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum. The nearest significant resistance level for Brent oil is located at $90. In case Brent oil settles above this level, it will head towards the next resistance at $92.50.
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