Traders are taking advantage of the recent drop in oil prices to strengthen their long holdings.
Natural gas prices are falling due to gloomy weather forecasts.
WTI oil is rising as investors expect China’s economic stimulus to boost oil consumption.
Brent oil’s rise is being spurred by China’s comments and a sinking currency.
As traders concentrated on gloomy weather projections, natural gas tested new lows.
WTI Crude Oil
WTI oil is gaining ground as traders anticipate that China’s stimulus measures would provide adequate support to the economy and increase demand for oil.
If WTI oil settles above the $81.75 level, it will go towards the next resistance zone, which is positioned between $86.00 and $87.30.
Brent Oil Brent oil is also rising, aided by recent Chinese news and a weaker currency.
A break over 86.00 will pave the way for a test of the resistance at $88.80 – $90.00.