Oil and natural gas: The price of oil retreats to $87.00

<div><img width="1200" height="800" src="https://www.financebrokerage.com/wp-content/uploads/2022/10/shutterstock_545016799.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Oil" decoding="async" loading="lazy" /></div><h1><b>Oil and natural gas: The price of oil retreats to $87.00</b></h1>
<ul>
<li aria-level="1"><span>The oil price is in a slight retreat from last week’s Friday high of $87.90. </span></li>
<li aria-level="1"><span>During the Asian trading session, the price of natural gas was retreating from the $2.55 level. </span></li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p><span>The oil price is in a slight retreat from last week’s Friday high of $87.90. During the Asian trading session, the price retreated to support at the $87.00 level. For now, we have managed to stay at that level despite the current pressure. If the support does not hold, we will see a breakout below and the formation of this week’s new low. Potential lower targets are $86.50 and $86.00 levels.</span></p>
<p><span>We need positive consolidation and a return to the zone around the $88.00 level for a <a href="https://www.financebrokerage.com/apples-stock-target-bullish-analysis-on-growth-prospects/">bullish</a> option. A price break above would lead to the formation of a new high, and we could start a continuation of the bullish trend. Potential higher targets are $88.50 and $89.00 levels.</span></p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-225444 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/09/r6cDt3QU-1024×620.jpg" alt="Oil chart analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p><span>During the Asian trading session, the price of natural gas was retreating from the $2.55 level. We got support at the $2.50 level, and for now, we managed to stay above that level. The price is still under pressure, which could lead to a breakout below and the formation of a new weekly low. Potential lower targets are $2.45 and $2.40 levels.</span></p>
<p><span>We need a positive consolidation and a move to the $2.55 level for a bullish option. Additional pressure in that zone is the EMA50 moving average. A price break above would be positive for the bearish option, and we would get support at the EMA50 moving average. Potential higher targets are $2.60 and $2.65 levels.</span></p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-225446 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/09/020NepVT-2-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
<p>The post <a rel="nofollow" href="https://www.financebrokerage.com/oil-and-natural-gas-the-price-of-oil-retreats-to-87-00/">Oil and natural gas: The price of oil retreats to $87.00</a> appeared first on <a rel="nofollow" href="https://www.financebrokerage.com">FinanceBrokerage</a>.</p>