Natural Gas, WTI Oil, Brent Oil – Oil Tests Weekly Highs Ahead Of The Weekend - FX Empire
Natural Gas, WTI Oil, Brent Oil - Oil Tests Weekly Highs Ahead Of The Weekend
Natural Gas, WTI Oil, Brent Oil – Oil Tests Weekly Highs Ahead Of The Weekend
Key Insights
- Natural gas gains ground as traders focus on rising demand.
- WTI oil managed to settle above the $70 level.
- Brent oil moved above the $75 level as the rebound continued.
Natural Gas
Natural gas is moving higher as traders stay focused on favorable weather forecasts.
In case natural gas manages to settle above the $2.85 level, it will gain additional upside momentum and head towards the resistance in the $3.10 – $3.20 range.
WTI Oil
WTI oil continues its attempts to settle above the resistance in the $70.00 – $70.50 range as the rebound continues. U.S. dollar’s weakness provided additional support to oil markets in today’s trading session.
A successful test of the resistance at $70.00 – $70.50 will push WTI oil towards the next resistance in the $72.45 – $73.15 range.
Brent Oil
Brent oil is also moving higher amid rising demand for riskier assets.
From the technical point of view, it is already clear that the support level at $71.55 – $72.05 has not been breached. A move above the 50 MA at $75.85 will provide Brent oil with an opportunity to gain additional upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.