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Natural Gas and Oil Forecast: Prices Climb as U.S. Sanctions Fuel Supply Fears
Brent crude is edging higher near $68.06 after breaking out of a multi-week descending trendline and reclaiming key resistance at $67.23. Price is now challenging the upper boundary of the consolidation range, with a potential run toward $69.45 and $70.86 if bulls maintain control.
The 50 EMA at $66.54 is curling higher, while the 200 EMA at $67.23 has just been reclaimed—a development that hints at a bullish crossover in the making. The breakout from a textbook ascending triangle pattern adds further conviction to the upside case.
Immediate support sits at $67.23, followed by $65.61. If volume holds up, the path toward $72.27 looks increasingly plausible.