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 West Texas Intermediate Crude Oil market opened slightly negative on Monday but found support from buyers, aiming to push towards the $75 level.
During Friday's trading session, the WTI and Brent crude oil markets experienced limited upward movement, as they remained broke the 50-Day EMA.
The WTI and Brent markets have witnessed a back-and-forth trading session, with both facing significant resistance at the 50-Day Exponential Moving Average.
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The WTI and Brent oil markets experienced a notable rally during Wednesday as traders returned from the Independence Day holiday in the United States.
The West Texas Intermediate (WTI) Crude Oil market experienced a minor rally during Tuesday's trading session.
The West Texas Intermediate (WTI) Crude Oil market experienced a challenging trading session on Monday as it struggled to gain momentum beyond the 50-Day Exponential Moving Average.
The West Texas Intermediate Crude Oil and Brent markets have recently rallied, with prices inching towards key levels of resistance.
The trading session for crude oil markets on Thursday exhibited a relatively subdued tone as participants await the next major move.
The West Texas Intermediate Crude Oil and Brent markets have experienced significant fluctuations in recent trading sessions.
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The West Texas Intermediate Crude Oil market experienced an initial decline in Tuesday's trading session but found support at lower levels, leading to a relatively stable market.
The WTI Crude Oil market displayed resilience despite a temporary retreat on Monday.
During Thursday's session, the West Texas Intermediate (WTI) and Brent crude oil markets experienced significant declines, primarily due to resistance at the 50-Day Exponential Moving Average (EMA).
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WTI Crude Oil (US Oil) and Brent markets experienced further rallies during Wednesday's trading session, with both approaching the 50-Day EMA as a potential dynamic resistance level.
The West Texas Intermediate (WTI) and Brent crude oil markets have witnessed rallies, testing the 50-Day Exponential Moving Average, only to surrender those gains.
The West Texas Intermediate Crude Oil and Brent Crude Oil markets are currently experiencing a period of consolidation and uncertainty.