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 gapped higher at the open on Wednesday, and then shot straight up after the inventory numbers proved that 5 million barrels have been taken out of storage for the previous week in the United States.
The WTI Crude Oil market blew the top off of the shooting star from the previous session on Tuesday, showing that the buyers are very much still in control of this market.
What initially started out as a very strong sign on Monday turned around completely.
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The WTI Crude Oil market had a very rough session on Friday but ended up collecting a lot of its losses and turning things around quite nicely.
The WTI Crude Oil market broke down rather significantly during the trading session on Thursday, showing signs of extreme weakness.
The WTI Crude Oil market broke down a bit during the trading session on Wednesday, breaking the back of the shooting star from the Tuesday session.
The WTI Crude Oil market had a very volatile session during trading on Tuesday, initially breaking higher due to threats of a hurricane, but rolling over drastically as the US dollar weighed upon any rally.
In what would have been relatively thin trading on Monday, the WTI Crude Oil market initially pulled back, but found buyers underneath the $70 level in order to support the market.
The WTI Crude Oil market tried to rally during the day on Friday, but then turned around to form a bit of a shooting star.
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The WTI Crude Oil market rallied again and broke above the $70 level during trading on Thursday, but the daily candle doesn’t tell the whole story.
The WTI Crude Oil market has rallied during trading on Wednesday, as crude oil inventory numbers came out much more bullish than anticipated.
The WTI Crude Oil market fell during trading on Tuesday as the $69 level looks to be a bit too resistive.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil market had a slightly positive session during trading on Monday, in what would’ve been relatively quiet action.
The WTI Crude Oil market had a strong session on Friday, reaching towards the $69.50 level before pulling back a bit.
The WTI Crude Oil market fell right off the bat during trading on Thursday but found enough support near the $67.50 level to turn around of form a hammer.