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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds From Multi-Month Lows

FXEmpire.com -

Natural Gas

Natural Gas 240524 Daily Chart

Natural gas is under strong pressure as traders react to the increase in production.

A move below the support at $2.45 – $2.50 will push natural gas towards the 50 MA at $2.23.

WTI Oil

WTI Oil 240524 Daily Chart

WTI oil  rebounds as traders use the pullback as an opportunity to increase their long positions.

From the technical point of view, WTI oil needs to settle above the $80.00 level to have a chance to gain upside momentum.

Brent Oil

Brent Oil 240524 Daily Chart

Brent oil is moving higher amid a broad rebound in the oil markets. U.S. dollar’s pullback provided additional support to commodities in today’s trading session.

Brent oil received support near the $81.00 level and is heading towards the nearest resistance, which is located in the $83.50 – $84.50 range.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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