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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Crude oil markets have been rather quiet during the Tuesday trading session.
Crude oil markets initially pulled back just a bit during the trading session on Friday.
The WTI crude oil market rallied a bit during the early hours on Wednesday, as we continued to chip away at the resistance around the $85 level.
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Crude oil markets continue to look strong overall, but at this point in time we need to pay attention to how the markets closed on Thursday.
The WTI crude oil market has initially fallen during the trading session on Wednesday but found plenty of support at a major support level in the form of $80.
The West Texas Intermediate crude oil market pulled back slightly during the trading session on Thursday.
Crude oil markets continue to show plenty of strength during the trading session on Monday.
The crude oil markets continue to be very strong, as it looks like we are doing everything we can to breakout on Thursday.
The price of crude oil continues to decline from time to time, but each time it does, buyers are eager to jump in and seize the opportunity.
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Crude is still seeing a lot of noisy activity, and this is probably going to continue.
As we continue to pound a few major moving averages in an attempt to ascertain whether or not we have enough momentum to break out to the upside, the merciless markets remain extremely erratic.
The crude oil markets are still seeing strong support, as buyers always jump back in when we pull back.
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The continued turbulence in the crude oil markets, in my opinion, is an indication that momentum is building in a market that is running out of time before we begin to break out higher.
The crude oil markets rarely cease to find buyers these days, and I believe that a true breakout is probably just a matter of time.
The crude oil markets are still rather agitated, with a drop during Tuesday's early hours.