Oil Prices Surge as WTI Targets $73 with Strong Support at $70

Sunday, 22 September 2024, 23:26

Oil prices surged on Monday, showing strong support at $70 as WTI eyes the $73 resistance. Geopolitical tensions and an unexpected U.S. rate cut drive demand. Concerns over supply issues continue as U.S. production dips.
Fxempire
Oil Prices Surge as WTI Targets $73 with Strong Support at $70

Market Overview

Oil prices surged on Monday, driven by rising geopolitical tensions in the Middle East and an unexpected U.S. interest rate cut that many believe will fuel demand. Supply concerns from the region prevail, while U.S. production dips due to Hurricane Francine. These factors boost prices, though a slower economic outlook in both China and the U.S. keeps gains in check.

Natural Gas Price Forecast

Natural Gas (NG) is trading at $2.474, up by 1.63%. The pivot point is at $2.44. Prices remain bullish above this level, with immediate resistance at $2.54, and further resistance at $2.59 and $2.65. Downside support levels are at $2.36, $2.28, and $2.22, with the 50-day EMA at $2.33 and the 200-day EMA at $2.24 providing long-term backing.

WTI Oil Price Forecast

WTI Crude Oil (USOIL) is trading at $71.54, up by 0.52%, holding above the crucial pivot level at $70.54. A push through the $71.88 resistance could lead to targets of $72.95 and $74.24. Support is around $68.45, with further levels at $67.17 and $65.20. The 50-day EMA at $70.04 reinforces the bullish trend, but a drop below $70.50 could trigger selling pressure.

Brent Oil Price Forecast

Brent Crude Oil (UKOIL) currently stands at $74.99, up by 0.46%. The key level to observe is $74.02, acting as the pivot point. Holding above this level could lead to tests of resistance at $75.19, $76.24, and $77.45. Immediate support is at $72.39, further support at $71.05 and $69.84. The 50-day EMA at $73.50 reinforces the bullish trend, with a potential hurdle from the 200-day EMA at $75.78.

Overall, as long as prices remain above $74.02, the outlook stays bullish but could see a significant pullback if that level is breached.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe