Natural Gas and Oil Forecast: Will China’s Demand Boom Drive Prices Higher?

Brent crude (UKOIL) is trading at $70.98, up 0.07%, but remains under pressure as it struggles to reclaim key resistance. The pivot point at $71.75 is acting as a make-or-break level—below it, sellers maintain control, with downside targets at $69.94 and $68.61 if momentum weakens.

The 50-day EMA at $70.46 is offering near-term support, but the 200-day EMA at $71.72 looms as a barrier. A break above $71.75 could shift sentiment, potentially driving Brent toward $73.28 and $74.89.

For now, a downward trendline is reinforcing bearish momentum, and until bulls clear $71.75, rallies may face selling pressure. A decisive breakout, however, could change the game.