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 WTI market has done very little again during the trading session on Monday, as we continue to go back and forth
The natural gas markets initially tried to rally on Monday and then broke down quite a bit.
The West Texas Intermediate crude oil market continues to be very choppy, as the entire week has been stuck between the $55 level underneath, and the $57.50 level above.
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Natural gas markets continue to show signs of weakness, as we have broken below the $2.20 level significantly on Friday.
The natural gas markets initially tried to rally during the trading session on Thursday but rolled over during the day to show even further weakness.
The WTI Crude Oil market struggled a bit during the trading session on Thursday after initially trying to rally.
The WTI Crude Oil market tried to rally during the trading session on Wednesday, reaching towards the 50 day EMA which is on the chart.
Natural gas markets have broken down significantly during the trading session on Wednesday, reaching towards the $2.20 level and closing towards the bottom of the overall range.
The WTI Crude Oil market went back and forth during the trading session on Tuesday, showing signs of neutrality as we can’t make a decision in one direction or another.
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Natural gas markets rallied initially during the trading session on Tuesday but sold off almost immediately.
The natural gas markets have rallied a bit during the trading session on Monday, forming a bullish engulfing candlestick.
The WTI Crude Oil market initially gapped higher during the trading session on Monday, and then shot towards the $57 level.
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Natural gas markets have fallen a bit during the trading session on Friday, which makes perfect sense considering that we had a couple of possibilities to push the market higher than both failed.
The crude oil markets got absolutely hammered during the trading session on Thursday, as we initially tried to rally but then broke down from there.