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 initially tried to pull back a bit during the trading session on Wednesday, but then shot straight through the air even though we had a very negative inventory number, as people continue to worry about the Iranian sanctions taking oil off-line.
The WTI Crude Oil market initially surged higher during the trading session on Tuesday, reaching fresh, new highs.
The WTI Crude Oil market exploded to the upside, slicing through the $75 level, a very psychologically important level.
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The WTI Crude Oil market initially pulled back on Friday again but found enough support just below the $72 level
The WTI Crude Oil market was very volatile during the trading session, rallying quite significantly but then turning around to form a bit of a shooting star.
The WTI Crude Oil market tried to rally during the day on Wednesday but found too much resistance and rolled over a bit.
The WTI Crude Oil market initially rallied on Tuesday as we continue to see buyers jump into this market.
The WTI Crude Oil market rallied rather significantly to kick off the week, gapping higher right at the open, and then breaking above the $72.50 level.
The WTI Crude Oil market broke out initially during trading on Friday but turned around of form a shooting star.
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The WTI Crude Oil market rallied during the day, and even broke to a fresh, new high but then turned around to show that we still have a significant amount of resistance above.
The WTI Crude Oil market exploded to the upside as Iranian embargo restrictions are put on, and of course the inventory drawl was slightly under expected, but was still strong.
The WTI Crude Oil market rallied a bit during the trading session on Tuesday, touching the $70 level.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil market went back and forth during the trading session on Monday, essentially going unchanged by the time we closed.
The WTI Crude Oil market was very noisy during the trading session on Friday, showing signs of indecision.
The WTI Crude Oil market broke down on Thursday, breaking the bottom of the shooting star from Wednesday which of course is a very technically bearish signal.