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 has been somewhat tight Wednesday as we continue to see the oil markets worry about multiple issues at the same time.
The West Texas Intermediate Crude Oil market initially tried to rally on Tuesday but gave back gains as we got a little bit too close to the $100 level.
The West Texas Intermediate Crude Oil market initially fell on Monday to break through the 200-day EMA, which is a rather negative turn of events.
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The West Texas Intermediate Crude Oil market pulled back significantly Friday to show signs of negativity, but we are sitting at the 200-day EMA and have bounced from there significantly.
The West Texas Intermediate Crude Oil market plunged significantly during the trading session on Thursday to reach down to the 200 Day EMA.
The West Texas Intermediate Crude Oil market gapped lower to kick off Wednesday but then turned around to recapture the $100 level.
The West Texas Intermediate Crude Oil market rallied a bit Tuesday as we are now threatening to $104 level.
The West Texas Intermediate Crude Oil market has jumped quite significantly Monday as the trip to Saudi Arabia proved fruitless for Joe Biden.
The West Texas Intermediate Crude Oil market has rallied a bit Friday as the 200-day EMA continues to offer a bit of dynamic support.
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The West Texas Intermediate Crude Oil market fell a bit during the trading session on Thursday to crash through the $92 level.
The West Texas Intermediate Crude Oil market went back and forth on Wednesday as we continue to see a lot of noisy behavior in general.
The West Texas Intermediate Crude Oil market has fallen rather hard during the trading session on Tuesday to threaten the 200 Day EMA.
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The West Texas Intermediate Crude Oil market plunged initially on Monday to reach down to the $100 region.
The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Friday, after initially falling in reaction to the jobs number.
The WTI Crude Oil market has rallied rather significantly during the trading session on Thursday to test the bottom of the previous trendline.