Natural Gas, WTI Oil, and Brent Oil Price Forecasts: Oil Prices Drop Amid Oversupply Concerns
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Oil prices are declining due to oversupply worries, while natural gas faces bearish weather forecasts. Key support levels for WTI, Brent, and natural gas are highlighted.
Natural gas prices are currently struggling, facing downward pressure as weather forecasts remain bearish. The price is attempting to break below the $4.15 - $4.20 support level. Should this level fail to hold, natural gas could decline further toward the next support zone at $3.90 - $3.95.
WTI oil is also experiencing losses, with traders seemingly shrugging off the impact of reduced Venezuelan oil exports, and instead focusing on the possibility of a peace agreement in Ukraine. A successful break below the $55.50 - $56.00 support range could pave the way for a test of the subsequent support level at $51.50 - $52.00.
Brent oil is also under pressure, contributing to a broad pullback in oil markets. This overall weakness is largely attributed to concerns about oversupply. A move below the $60.00 mark could send Brent oil down towards the $56.50 - $57.00 support area.
