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Natural Gas and Oil Forecast: WTI Supported Near $83.50; Buy Today?
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Key Points:
- Brent crude surpasses $87, highest since April, due to a 12.2M barrel inventory draw.
- Geopolitical tensions in Gaza and elections in France and UK influence market sentiments.
- Weak U.S. economic data hint at potential Fed rate cuts, supporting oil prices.
In this article:
Meanwhile, weak economic data, including a rise in U.S. unemployment claims and a drop in German industrial orders, suggest potential interest rate cuts by the Federal Reserve, which could support oil prices.
Natural Gas Price Forecast
USOIL is currently trading at $83.64, down 0.42%. On the 2-hour chart, the pivot point is $83.50. Immediate resistance levels are $84.11, $84.76, and $85.32, while support levels are $82.98, $82.40, and $81.89.
Technical indicators show the 50 EMA at $83.12 and the 200 EMA at $81.22, suggesting a bullish trend. However, a break below $83.50 could trigger significant selling pressure.
Brent Oil Price Forecast
UKOIL is trading at $87.10, down 0.47%. On the 2-hour chart, the pivot point is $86.89. Immediate resistance levels are $87.54, $87.94, and $88.33, while support levels are $86.47, $86.12, and $85.69.
Technical indicators place the 50 EMA at $86.47 and the 200 EMA at $84.81, indicating a bullish trend. However, a break below $86.89 could lead to significant selling pressure.
About the Author
Arslan Aliauthor
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.
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