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 pulled back just a bit on Tuesday as we continue to see a lot of consolidation in this market.
The West Texas Intermediate Crude Oil market fell initially on Monday to reach down to the 50-day EMA.
The West Texas Intermediate Crude Oil market rallied a bit during the Friday session to break above the $105 level.
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The West Texas Intermediate Crude Oil market initially fell during trading on Thursday but has found plenty of buyers near the $100 level.
The West Texas Intermediate Crude Oil market went back and forth on Wednesday as we continue to hang about the 50-day EMA.
The West Texas Intermediate Crude Oil market initially pulled back on Tuesday but turned around to continue the overall bouncing that we have seen over the last couple of months.
The West Texas Intermediate Crude Oil market broke down on Monday as we continue to see a lot of concerns when it comes to global growth.
The West Texas Intermediate Crude Oil market fell a bit on Friday as we continue to see a lot of back-and-forth trading.
The West Texas Intermediate Crude Oil market rallied during the Thursday session rather quickly, but as you can see has given back a huge portion of the gains.
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The West Texas Intermediate Crude Oil market initially tried to rally on Wednesday but has pulled back enough to show signs of hesitation again.
The West Texas Intermediate Crude Oil market fell rather hard during the trading session on Tuesday to reach the $102 level.
The Crude Oil market has rallied ever so slightly, although it should be noted that most major Asian and European banks were closed.
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The WTI Crude Oil market initially pulled back a bit during the trading session on Thursday, only to turn around and show signs of life again.
The West Texas Intermediate Crude Oil market rallied on Wednesday as we continue to recover overall.
The West Texas Intermediate Crude Oil market took off to the upside on Tuesday as the uptrend line has been tested, and it has been strong enough to turn this market around.