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 recent weeks have witnessed a remarkable upward trend in the West Texas Intermediate (WTI) Crude Oil market.
As the WTI and Brent crude oil markets encounter periods of hesitation and potential pullbacks, traders are advised to remain cautious.
In Monday's trading session, crude oil markets exhibited efforts to break out, indicating signs of pressure as they approached critical levels.
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Over the last several weeks, the West Texas Intermediate Crude Oil market has rallied rather significantly during the month of July
The West Texas Intermediate Crude Oil market showed impressive strength during Friday's trading session, moving closer to a critical level at $80.
Crude oil markets experienced a notable rally during Thursday's trading session, hinting at a potential breakout.
The WTI Crude Oil market experienced a slight retreat during Wednesday's trading session, which could be attributed to a potential overextension in the market.
Crude oil markets remain turbulent, and Tuesday's trading session showcased relatively subdued activity as traders pondered the next move.
The world of crude oil trading has been marked by considerable volatility as it grapples with the oscillation between the 50-Day and 200-Day Exponential Moving Average indicators.
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Crude oil markets experienced a slight rally during the early hours of Wednesday's trading session, as the effects of OPEC production cuts continue to reverberate through the industry.
The crude oil market exhibited a relatively stagnant performance during Tuesday's trading session, with marginal gains compared to the preceding days.
The oil markets displayed a back-and-forth movement during Monday's trading session, contributing to increased volatility early in the week.
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The Crude Oil markets have recently experienced periods of volatility, primarily triggered by their retracement from the 200-Day Exponential Moving Average.
The West Texas Intermediate Crude Oil market and the Brent markets have recently shown signs of consolidation, with both facing resistance at key levels.
The West Texas Intermediate and Brent crude oil markets are showing signs of strength as they attempt to break key resistance levels.