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 fallen rather hard during the trading session on Wednesday, as the EIA report came out bullish.
The crude oil markets were slightly bullish during most of the trading session on Tuesday in both Asia and Europe but have turned around to show signs of negativity once the open pit session started.
The West Texas Intermediate Crude Oil market has initially tried to rally during the trading session on Monday as traders came back from the weekend,
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The West Texas Intermediate Crude Oil market has done almost nothing over the last several days, other than to grind sideways and drift slightly higher.
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The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Thursday, bouncing enough to turn around and form a bit of a hammer.
The West Texas Intermediate Crude Oil market broke higher during the trading session again on Wednesday, as we continue to see more of a grind to the upside.
The West Texas Intermediate Crude Oil market has rallied during the course of the trading session on Tuesday, as the 200 day EMA underneath continues to offer support.
The West Texas Intermediate Crude Oil market continues to be very uninspiring, as we simply go sideways.
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The West Texas Intermediate Crude Oil market has pulled back during the trading session on Friday, reaching down towards the 200 day EMA just below.
The West Texas Intermediate Crude Oil market has pulled back initially during the trading session on Thursday on a stronger US dollar
The West Texas Intermediate Crude market did fall initially during the trading session on Thursday but recovered after several OPEC oil ministers had positive comments for the outlook when it came to demand for the product.
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The West Texas Intermediate Crude Oil market initially pulled back a bit during the trading session on Tuesday but found buyers once again in order to grind the upside.
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Monday to start off the week, but it looks as if we are still struggling a bit to break out to the upside.
The West Texas Intermediate Crude Oil market has pulled back slightly during the trading session on Friday, showing signs that we are nowhere near getting ready to make a significant move.