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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During my daily analysis of the commodity markets, I’ve noticed that the West Texas Intermediate Crude Oil market has plunged again, to break down below the $68 level.
The West Texas Intermediate Crude Oil market fell a bit during the trading session on Wednesday, as it stands out amongst a significant sell off when it comes to the overall commodity markets.
The West Texas intermediate crude oil market was a little bit noisy during the trading session on Friday as we continue to test the $71 50 cents level.
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As you can see during the trading session on Thursday, it was a positive session, breaking well above the $70 level and it now looks like we could threaten $72.50.
The West Texas Intermediate Crude Oil market initially fell a bit during the day on Tuesday, only to turn around and show signs of life again.
The West Texas Intermediate Crude Oil market is that the $70 level has been like a brick wall.
The West Texas Intermediate Crude Oil market has seen a bit of a drop, only to turn around and show signs of life again.
The first thing I see is that we have broken through a major support level, which is not a huge surprise considering that the US jobs report was pretty bleak.
I recognize that we have a situation where the market is going to continue to be very noisy.
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The crude oil market has plunged rather significantly during the trading session on Tuesday as Chinese demand seems to be cratering.
In our analysis of crude oil, you can see that the market did rally a bit during the early hours on Thursday but has pulled back a bit from the 50 day EMA.
The West Texas Intermediate Crude Oil Market has shot straight up in the air during the trading session here on Monday, as we continue to see a lot of volatility.
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Sign up to get the latest market updates and free signals directly to your inbox.The crude oil market rallied a bit during the early hours on Friday, and then simply took off after Jerome Powell finally admitted that the Federal Reserve is likely to cut rates in a bit of a cycle.
The West Texas Intermediate Crude Oil Market, or US Oil, has been rather noisy over the last couple of days, but on Thursday we are trying to bounce from the 50-day EMA.
The West Texas Intermediate Crude Oil Market initially pulled back just a bit during the early hours on Thursday, only to turn around and show signs of life.