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 during the session on Wednesday, breaking clearly above the $70 level.
The WTI market was very volatile during the trading session on Tuesday, as the markets prepared for Donald Trump to leave the Iranian deal.
The WTI Crude Oil market was initially a bit positive during the day on Monday, but then broke down rather significantly to sliced through the $70 handle.
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The WTI Crude Oil market initially fell during the session on Friday, but then exploded to the upside, slamming into the $70 level.
The WTI Crude Oil market initially fell during trading on Thursday but found enough bearish pressure to turn things around and rallied rather significantly.
The WTI Crude Oil market initially fell during the day on Wednesday, as we got a higher-than-expected inventory build.
The WTI Crude Oil market fell during trading on Tuesday, testing the $67 level for support.
The WTI Crude Oil market was very noisy during the day on Monday, as we continue to go back and forth in a consolidation area that is now well defined.
The WTI Crude Oil market initially fell on Friday, breaking below the $68 level, and then turned around to form a bit of a hammer.
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The WTI Crude Oil market tried to rally during the day on Thursday but gave back most of the gains.
The WTI Crude Oil market initially fell during the trading on Wednesday. The market bounced though, forming a bit of a hammer
The WTI Crude Oil market initially tried to rally during the session on Tuesday but has found resistance again near the $69 level.
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The WTI Crude Oil market has gone back and forth during the session on Friday, settling on a neutral candle.
The WTI Crude Oil market initially rallied on Thursday but found enough resistance just below the $69.50 level to turn around and form a shooting star for the day.