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 rallied enough to fill the gap from the Monday session, and I am looking for signs of exhaustion that I can use to get involved to the downside.
The West Texas Intermediate Crude Oil market fell rather hard on Monday as the “risk off” situation has taken hold at all points.
The West Texas Intermediate Crude Oil market fell during a large portion of the day, but it is also worth noting that we continue to find buyers near the $70 level.
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The WTI Crude Oil market rallied a bit on Thursday, initially gapping higher and then shooting straight towards the $72.60 level.
The West Texas Intermediate Crude Oil market pulled back a bit on Wednesday to reach down towards the 200-day EMA.
The West Texas Intermediate Crude Oil market initially tried to recover after a gap lower on Tuesday.
The West Texas Intermediate Crude Oil market was grinding sideways during the majority of trading on Monday, as traders seem relatively content to ride out the rest of the year, waiting for more liquidity to come into the marketplace.
The West Texas Intermediate Crude Oil market rallied towards the top of the short-term range on Friday, but gave back gains, mainly due to a lot of people covering heading into the weekend.
The WTI Crude Oil market has initially tried to rally on Thursday, only to break down rather significantly and show signs of extreme weakness.
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The West Texas Intermediate Crude Oil market rallied again on Wednesday to test the $73 level.
The West Texas Intermediate Crude Oil market rallied rather significantly on Tuesday to reach towards the highs of the previous inverted hammer at $73.
The West Texas Intermediate Crude Oil market rallied significantly to reach towards the 200-day EMA.
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Sign up to get the latest market updates and free signals directly to your inbox.The West Texas Intermediate Crude Oil market initially rallied on Friday, reaching as high as $69.12 before turning around.
The WTI Crude Oil plunged on Thursday, as OPEC announced that it was going to go ahead and continue the schedule of increase production.
The West Texas Intermediate Crude Oil market rallied a bit on Wednesday but gave back all of those gains as Jerome Powell did not walk back his inflation comments.