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 rallied again during the trading session on Thursday as we have broken above the $75 level initially.
This is a market that looks as if it is going to go sideways for a while.
The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session, as we have formed a bit of a neutral candlestick.
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We are still very much in an uptrend, and that is the most important thing you should pay attention to.
The West Texas Intermediate Crude Oil market pulled back just a bit during the trading session on Friday to kick off the session, only to turn around and show signs of strength.
The West Texas Intermediate Crude Oil market initially fell during the trading session on Thursday, but then turned around to form a bit of a hammer.
The West Texas Intermediate Crude Oil market initially rallied during the trading session on Wednesday but gave back the gains as we got close to the $75 level.
The West Texas Intermediate Crude Oil market did very little during the trading session on Tuesday, as the market is seemingly okay with the idea of the massive gains that had been part of the situation on Monday.
The market has seen a complete turnaround and perhaps a little bit of “walking back the narrative” by the Federal Reserve, as the US dollar has calmed down.
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The West Texas Intermediate Crude Oil market initially pulled back during the trading session on Friday again, but just as we had seen on Thursday, buyers came back in near the $70 level to lift it.
The West Texas Intermediate Crude Oil market broke down a bit during the trading session on Thursday as we continue to see a lot of noise and fallout from the Federal Reserve announcement on Wednesday.
The West Texas Intermediate Crude Oil market rallied again during the trading session on Wednesday but pulled back a bit from the $72.50 level.
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The West Texas Intermediate Crude Oil market has shown itself to be bullish yet again but gave back some of the gains to show a little bit of hesitancy.
The West Texas Intermediate Crude Oil market rallied again during the day on Friday as traders were very comfortable hanging onto crude oil heading into the weekend, and even closed towards the top of the range.