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 during the day on Friday to test the $52.50 level, an area that I think is crucial.
The West Texas Intermediate Crude Oil market has pulled back a bit during the trading session on Thursday but has also found buyers underneath to show signs of life.
The natural gas markets have spent most of the day on Thursday, slicing back and forth as it shows a bit of instability.
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Natural Gas markets rallied significantly during the trading session on Wednesday, breaking well above the $1.80 level.
The West Texas Intermediate Crude Oil market has rallied significantly during the trading session on Wednesday, as we continue to see a lot of noise in general.
The West Texas Intermediate Crude Oil market rallied significantly to kick off the Tuesday session, but then gave back the gains to form a bit of an inverted hammer.
Natural gas markets drifted a bit lower to kick off the trading session on Tuesday, but then turned around to rally a bit.
The West Texas Crude Oil market fell during the trading session on Monday to kick off the week, as we have broken below the $50 level yet again.
The crude oil markets have taken it on the chin over the last several weeks, falling from $65 after the killing of Gen. Soleimani in Iraq.
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The natural gas markets have tried to form a bit of a base over the last several sessions, showing signs of stabilization, something that this market desperately needs.
The West Texas Intermediate Crude Oil market went back and forth during the trading session on Thursday as competing headlines continue to throw the market around.
Natural gas markets initially fell during the trading session on Thursday but have found a bit of a boost after the inventory figure came out a bit better than others.
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Natural gas markets have initially fallen during the trading session on Tuesday but found support at the $1.80 level yet again.
The West Texas Intermediate Crude Oil market initially rallied during the trading session on Tuesday but gave back the gains as it rolled over to show signs of exhaustion again.