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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Monday was a wild session for crude oil, simply because as we started out the trading session, energy markets gapped higher as tensions between the United States and Saudi Arabia picked up.
The WTI Crude Oil market rallied slightly during the day on Friday, as we have seen extraordinarily high amounts of volatility.
The WTI Crude Oil market gapped lower and below the $73 level to kick off the day, breaking all the way down to the $71 level.
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The WTI Crude Oil market was absolutely hammered during trading on Wednesday, as global markets sold off to anything remotely close to being risk appetite induced.
The WTI Crude Oil market rallied significantly during trading on Tuesday, breaking above the top of the hammer from the Monday session.
The WTI Crude Oil market fell initially during trading on Monday, reaching down towards the $73 level.
The WTI Crude Oil market went back and forth during the trading session on Friday after the jobs number, as the $75 level seems to be a bit too much.
The WTI Crude Oil market broke down a bit during the day on Thursday, slicing through the $75 level to show bearishness.
The WTI Crude Oil market initially tried to pull back a bit during the trading session on Wednesday, but then shot straight through the air even though we had a very negative inventory number, as people continue to worry about the Iranian sanctions taking oil off-line.
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The WTI Crude Oil market initially surged higher during the trading session on Tuesday, reaching fresh, new highs.
The WTI Crude Oil market exploded to the upside, slicing through the $75 level, a very psychologically important level.
The WTI Crude Oil market initially pulled back on Friday again but found enough support just below the $72 level
The WTI Crude Oil market was very volatile during the trading session, rallying quite significantly but then turning around to form a bit of a shooting star.
The WTI Crude Oil market tried to rally during the day on Wednesday but found too much resistance and rolled over a bit.
The WTI Crude Oil market initially rallied on Tuesday as we continue to see buyers jump into this market.