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 markets rose during the session on Friday, parking at the $106.23 level by the time the markets closed.
This market has been extraordinarily parabolic, and quite frankly I've been having trouble figuring out why.
The WTI Crude Oil market rose rapidly during the session on Wednesday again, as the Federal Reserve released its minutes from the last meeting.
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The WTI crude market had a very strong showing on Tuesday, breaking well above the $104 level.
I believe that this market is completely overdone considering the situation in Egypt.
The WTI Crude Oil markets had a positive session on Friday as the nonfarm payroll numbers came out showing that the Americans added 195,000 jobs to the economy in June.
The WTI Crude Oil markets did very little during the session on Thursday, as one would expect as the Americans celebrated Independence Day.
The WTI Crude Oil markets had a very strong showing during the Wednesday session, although it was shortened trading hours due to the US independence holiday for the fourth.
The WTI Crude Oil markets had a strong showing during the session on Tuesday, smashing into the 99.50 level with great conviction.
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The DTI Crude Oil market had a strong showing on Monday, breaking slightly above the $98.00 level.
The WTI Crude Oil market rallied during a big part of the day, but found the $98.00 level far too resistive.
The WTI Crude Oil market rose during the session on Thursday, breaking above the $97.00 level at one point during the day.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil markets fell initially during the session on Wednesday, but as you can see found enough support near the $93.50 level in order to bounce back up and close above the $95.00 level.
When you look at this market, it's a lot like a Ping-Pong match - or table tennis depending on where you live. See more here.
The WTI Crude Oil market initially fell during the session on Monday, but as you can see, traders came back into support the market. This followed an almost lockstep with what the US Dollar Index did during the session, as the US dollar initially appreciated, but fell back down in order to form a shooting star.