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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Natural gas markets gapped slightly lower to kick off the trading session on Monday, and then fell towards the $2.30 level.
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday, breaking above the top of the hammer from the Thursday session.
The natural gas markets initially fell during the trading session on Friday, reaching down towards the significant $2.20 level.
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The WTI Crude Oil market fell during most of the trading session on Thursday but found enough support at the psychologically and more importantly, structurally supportive level of $51.
Natural gas markets initially fell during trading on Thursday, as the inventory number came out a bit more bearish than anticipated, but something interesting has happened: buyers stepped in to pick up the market.
Natural gas markets continue to fall, as the Wednesday candle was negative as well.
The West Texas Crude Oil market has fallen yet again during the trading session on Wednesday, breaking the back of a hammer after getting a more bearish than anticipated inventories figures coming out of the United States.
The West Texas Intermediate Crude Oil market has initially tried to rally during the trading session but found enough resistance at the previous uptrend line.
Natural gas markets have fallen a bit during the trading session on Tuesday, slicing through the $2.30 level.
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The crude oil markets have had a rough go over the last couple of weeks, after initially spiking higher due to the drone attack in Saudi Arabia.
West Texas Intermediate Crude Oil broke down significantly during the trading session on Friday
The West Texas Intermediate Crude Oil market initially fell during the trading session on Thursday but has seen a bit of a bounce to form a hammer yet again as it did during the previous session.
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The West Texas Crude oil market gap lower to kick off the trading session on Wednesday, but then reached down to fill the gap that started with the drone attack on the Saudi oil fields.
Natural gas markets initially pulled back during the trading session on Wednesday, breaking below the $2.50 level.