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!
Most Recent
The WTI crude market had a negative showing during the Wednesday session, pulling back after trying to breakout and above the $98.00 level. If you read the analysis from yesterday, you know that I had pointed out the $98.00 level as being potential trouble for the buyers and this seems to be exactly what has happened.
The WTI contract had a fairly bullish session on Tuesday as the momentum to the upside continued in this market. There a lot of different reasons why this market may be gaining, and as a result this makes a fairly bullish environment in which to start trading.
The WTI crude market had a very bullish session on Monday after initially falling. The market found support at the $95.00 level again, and as we have recently; found this market to be willing to buy the contract out of those levels.
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Start the new month with this oil analysis by one of our expert traders, as the oil market is set to go sideways.