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 initially fell during the trading session on Thursday as traders awaited CPI figures.
The WTI Crude Oil market rallied initially to kick off the trading session but after a less than thrilling inventory number, the market pullback brought oil to below $70 a barrel again.
The West Texas Intermediate Crude Oil market initially pulled back during the trading session on Tuesday but then turned around to show signs of life again.
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We did find a significant amount of exhaustion at the $70 level to turn things right back around and form a somewhat exhaustive candle.
The West Texas Intermediate Crude Oil market initially pulled back a bit during the trading session on Friday, but saw quite a bit of a turnaround as the jobs number came out with 559,000 jobs for the previous month.
The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Thursday as we may have run out of steam heading towards the jobs figure on Friday.
The West Texas Intermediate Crude Oil market gapped higher to kick off the trading session on Wednesday as we continue to see the market reach towards the upside, as demand for crude continues to pick up around the world.
The West Texas Intermediate Crude Oil market broke to the upside to smash through the top of an ascending triangle that we have been building up for some time.
The West Texas Intermediate Crude Oil market has been a little bit choppy during the trading session on Monday, as we had a serious lack of liquidity due to the Memorial Day holiday, and very thin electronic trading.
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The market could very well break out, and that would be the main reason that people are looking at this market through a bullish prism.
The West Texas Intermediate Crude Oil market has pulled back a bit to kick off the trading session on Thursday before shooting straight up in the air to try to break out
The West Texas Intermediate Crude Oil market fluctuated during the trading session on Wednesday, as we continue to press the top of a major ascending triangle.
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The West Texas Intermediate Crude Oil market fluctuated during the trading session on Tuesday, as we are at the top of a massive ascending triangle.
Perhaps that supply of crude oil will not hit the market anytime soon.
The West Texas Intermediate Crude Oil market rallied rather significantly during the trading session on Friday to show signs of resiliency.