Forecasts for Natural Gas, WTI Oil, Brent Oil – Oil bounces back as crude inventories fall

FXEmpire.com –

Natural gas

Natural Gas 080524 Daily Chart

Natural gas retreats as traders take some profits off the table after the recent rally.

If natural gas settles below the $2.15 level, it will head towards the nearest support, which is in the $1.95 – $2.00 range.

WTI oil

WTI Oil 080524 Daily chart

WTI oil rebounded from session lows as traders reacted to the EIA report, which showed crude inventories fell by 1.4 million barrels from the previous week.

If WTI manages to settle above the $79.00-$80.00 resistance, it will head towards the next resistance, which is in the $85.50-$86.50 range.

Brent oil

Brent Oil 080524 Daily Chart

Brent oil bounced back above the $83.50 level as traders focused on US crude stockpiles data

A move above the $84.50 level will pave the way for a test of $89.00 – $90.00 resistance.

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This article was originally posted on FX Empire

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