Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Highs Amid Rising Tensions In The Middle East

By:

Vladimir Zernov

Published: Apr 1, 2024, 18:16 GMT+00:00

Key Points:

Natural gas is moving higher as traders bet on a rebound from multi-month lows.
WTI oil gained ground as traders focused on the recent developments in the Middle East.
Brent oil made an attempt to settle above the $88.00 level.

Natural Gas

Natural Gas 010424 Daily Chart

Natural gas is moving higher as traders bet that it would not be able to settle below the key support at $1.60 – $1.65.

If natural gas stays above the $1.80 level, it will head towards the resistance at $1.95 – $2.00.

WTI Oil

WTI Oil 010424 Daily Chart

WTI oil gains ground amid rising tensions in the Middle East. Iran’s consulate in Syria was destroyed by an air strike, raising worries about an escalation of tensions between Iran and Israel.

A move above the $84.50 level will push WTI oil towards the next resistance level, which is located in the $85.50 – $86.50 range.

Brent Oil

Brent Oil 010424 Daily Chart

Brent oil tested new highs as traders focused on tight supply, healthy demand, and geopolitical risks.

The technical picture is bullish as Brent oil managed to test new highs after a period of consolidation.

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About the Author

Vladimir Zernovauthor

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.