Oil is one of the most commonly traded commodities in the world, and is available for trade in most of the top Forex trading platforms, as well as in many leading binary options platforms.
Oil is often known as petroleum, though in reality, petroleum is the result of the processing of crude oil, a natural liquid that is found underground. Crude oil prices fluctuate based on a variety of factors including natural disasters, political factors and fluctuations in the currency markets.
Likewise, oil prices also affect the Forex market, and therefore, it’s hardly surprising that many Forex traders also keep an eye on crude oil prices, and many even trade crude oil as a way to diversify their trading. To help you expand your trading horizons, the DailyForex trading room is happy to provide you with regular crude oil price technical analysis – we hope that it helps you trade profitably!
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The WTI Crude Oil market rallied rather significantly during the trading session, perhaps in a bit of a “dead cat bounce” on Wednesday after being sold off so brutally on Tuesday.
The WTI Crude Oil market broke down significantly during the trading session on Tuesday as the Saudis have agreed to maximize output, putting some downward pressure on the market itself.
The WTI Crude Oil market fell rather hard initially during trading on Monday but has found support at the 61.8% Fibonacci retracement level again.
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The WTI Crude Oil market has rallied significantly during the trading session on Friday, testing the $70 level as the 61.8% Fibonacci retracement level has offered enough support.
The WTI Crude Oil market fell during the trading session on Thursday, reaching down towards the 61.8% Fibonacci retracement level.
The WTI Crude Oil market had a very negative session on Wednesday, which of course makes quite a bit of sense considering that the inventory number was horrible.
The WTI Crude Oil market has been all over the place during the session on Tuesday yet again, as we have fallen, only to turn around and find buyers at the $71 level again.
Monday was a wild session for crude oil, simply because as we started out the trading session, energy markets gapped higher as tensions between the United States and Saudi Arabia picked up.
The WTI Crude Oil market rallied slightly during the day on Friday, as we have seen extraordinarily high amounts of volatility.
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The WTI Crude Oil market gapped lower and below the $73 level to kick off the day, breaking all the way down to the $71 level.
The WTI Crude Oil market was absolutely hammered during trading on Wednesday, as global markets sold off to anything remotely close to being risk appetite induced.
The WTI Crude Oil market rallied significantly during trading on Tuesday, breaking above the top of the hammer from the Monday session.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil market fell initially during trading on Monday, reaching down towards the $73 level.
The WTI Crude Oil market went back and forth during the trading session on Friday after the jobs number, as the $75 level seems to be a bit too much.
The WTI Crude Oil market broke down a bit during the day on Thursday, slicing through the $75 level to show bearishness.