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 significantly during the trading session on Friday, reaching above the $60 level before pulling back just a bit.
Natural gas markets fell initially during the trading session on Friday, reaching down towards the $2.25 level before bouncing significantly.
The West Texas Intermediate Crude Oil market fell during trading on Wednesday, reaching down to the psychologically important $58 level.
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Natural gas markets rallied initially during the trading session on Wednesday, reaching towards the previous uptrend line.
The West Texas Intermediate Crude Oil market initially pulled back during the trading session on Tuesday, but then turned around to rally and slam into the $60 level.
The West Texas Intermediate Crude Oil market initially fell during Monday trading as we got reports from OPEC that they were cutting 500,000 barrels per day.
Natural gas markets gapped lowered to kick off this session on Monday as some whether reports are calling for warmer temperatures in the month of December.
The West Texas Intermediate crude Oil market initially went back and forth during the trading session and then shot towards the top of the overall consolidation.
Natural gas markets have rolled over just a bit during the trading session on Friday, breaking below the $2.40 level.
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The natural gas markets initially tried to rally a bit during the trading session on Thursday but pulled back to show signs of concern with the jobs figure coming out on Friday.
The crude oil markets have rallied a bit during the trading session on Thursday as we await the OPEC meeting results.
The West Texas Intermediate Crude Oil market rallied rather significantly during the trading session on Wednesday, reaching towards the $58.50 level.
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Natural gas markets initially tried to rally during the trading session on Wednesday.
The West Texas Intermediate Crude Oil market went back and forth during the trading session on Tuesday, as we hang around the 50 day EMA.
The natural gas markets initially rally during the day on Monday, as they had gotten a bit oversold during the trading session on Friday.