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 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.
The WTI Crude Oil market rallied again during the trading session on Wednesday but continues to struggle as we get close to the $55 level.
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The WTI Crude Oil market initially tried to rally during trading on Tuesday but found enough resistance just below the $55 level roll things over and start pushing lower.
The WTI Crude Oil markets gapped higher to kick off the week on Monday as there’s been a bit of a “risk on rally” around the world after the United States and China decided to call a bit of a cease-fire in the trade war.
The WTI Crude Oil market continues to hang just above the $50 level, showing signs of support at the psychologically important figure.
The WTI Crude Oil market initially pulled back during the trading session on Thursday but found enough support just below the $50 level to turn things around.
The WTI Crude Oil market broke to the downside again on Wednesday, reaching towards the $50 level.
The WTI Crude Oil market was a rather quiet during the trading session on Tuesday, which you would have to think is a bit of a victory, as it has been so negative for so long.
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The WTI Crude Oil market initially fell a bit during the trading session on Monday but found enough support at the $50 level to turn around and show signs of life again.
The WTI Crude Oil market broke down significantly again during the trading session on Friday, reaching towards the $50 level.
While it was Thanksgiving Day in the United States, there are a lot of traders around the world that have been involved during the day.
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Sign up to get the latest market updates and free signals directly to your inbox.The WTI Crude Oil market rallied a bit during the trading session on Wednesday, as we reached towards the $55 level.
The WTI Crude Oil market broke down rather significantly, slicing through the $55 level.
The WTI Crude Oil markets have been very volatile on Monday, crashing all the way to into the $55 level again before turning around to form in bit of a hammer.