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 Crude Oil market fell significantly during the trading session on Thursday but did find buyers at roughly $45.
The WTI Crude Oil market rallied a bit during the trading session on Wednesday as traders came back from Christmas.
The WTI Crude Oil market initially rallied during the session on Monday, but then broke down rather significantly, slicing through the $45 level.
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The WTI Crude Oil market fell again on Friday, testing the $45 level for support.
The WTI Crude Oil market broke down a bit further during the trading session on Thursday, after gapping lower at the open.
The WTI Crude Oil market continued to be very noisy during the trading session on Wednesday as the Federal Reserve came out and raised interest rates.
The WTI market finally broke down through the $50 level significantly, and it looks as if we are ready to go much lower.
The WTI Crude Oil market initially tried to rally during trading on Monday, but then broke down rather hard.
The WTI Crude Oil market fell a bit during the trading session on Friday, as we continue to bounce around in a symmetric shaped triangle.
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The WTI Crude Oil market initially dipped during the trading session on Thursday but then turned around to show signs of life again.
The WTI Crude Oil market initially rallied during the trading session on Wednesday, reaching the top of the consolidation triangle that we have been trading in.
The WTI Crude Oil market rallied a bit during the trading session on Tuesday again, using the bottom of the symmetrical triangle that we are in to find support.
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The WTI Crude Oil market went back and forth during trading on Friday, as OPEC then announced a production cut.
The WTI Crude Oil market fell rather hard during trading on Thursday, slamming into the $50 level yet again as OPEC concluded their meeting without announcing any new cuts.