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 gone back and forth over the last several sessions, but during the Thursday session showed a certain amount of support.
The West Texas Intermediate Crude Oil market was all over the place again during the trading session on Wednesday.
The crude oil market is still looking likely to cause a lot of headaches for traders going forward.
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The West Texas Intermediate Crude Oil market has fallen significantly during the trading session on Monday as traders finally came back to work from the Easter holiday.
The West Texas Intermediate Crude Oil market has been back and forth in general, and it now looks as if we are continuing to hang onto the 50 day EMA.
At the end of the day we are simply in an area of consolidation while we try to figure out where to go next.
The West Texas Intermediate Crude Oil market initially rallied during the day on Wednesday as we continue to dance around the $60 level in general.
The West Texas Intermediate Crude Oil market has gapped higher to kick off the Tuesday session, but seems to be respecting the previous uptrend line as resistance.
WTI Crude Oil: Trading Range May Languish for Energy Traders
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Crude oil turned around as rumors crept into the market that the Russians are looking to continue production cuts, thereby adding more upward pressure on the market in general.
The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Friday, breaking above the $60 level.
The West Texas Intermediate Crude Oil market has fallen again during the trading session on Thursday to reach down below the 50 day EMA.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI market rallied quite significantly during the trading session on Wednesday to wipe out the losses from Tuesday.
The West Texas Intermediate Crude Oil market has dropped rather significantly during the trading session on Tuesday again, slicing through the 50 day EMA.
The West Texas Intermediate Crude Oil market has initially fallen during the trading session on Monday as traders came back to work.