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 rallied rather significantly to kick off the week, gapping higher right at the open, and then breaking above the $72.50 level.
The WTI Crude Oil market broke out initially during trading on Friday but turned around of form a shooting star.
The WTI Crude Oil market rallied during the day, and even broke to a fresh, new high but then turned around to show that we still have a significant amount of resistance above.
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The WTI Crude Oil market exploded to the upside as Iranian embargo restrictions are put on, and of course the inventory drawl was slightly under expected, but was still strong.
The WTI Crude Oil market rallied a bit during the trading session on Tuesday, touching the $70 level.
The WTI Crude Oil market went back and forth during the trading session on Monday, essentially going unchanged by the time we closed.
The WTI Crude Oil market was very noisy during the trading session on Friday, showing signs of indecision.
The WTI Crude Oil market broke down on Thursday, breaking the bottom of the shooting star from Wednesday which of course is a very technically bearish signal.
The WTI Crude Oil market gapped higher at the open on Wednesday, and then shot straight up after the inventory numbers proved that 5 million barrels have been taken out of storage for the previous week in the United States.
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The WTI Crude Oil market blew the top off of the shooting star from the previous session on Tuesday, showing that the buyers are very much still in control of this market.
What initially started out as a very strong sign on Monday turned around completely.
The WTI Crude Oil market had a very rough session on Friday but ended up collecting a lot of its losses and turning things around quite nicely.
The WTI Crude Oil market broke down rather significantly during the trading session on Thursday, showing signs of extreme weakness.
The WTI Crude Oil market broke down a bit during the trading session on Wednesday, breaking the back of the shooting star from the Tuesday session.
The WTI Crude Oil market had a very volatile session during trading on Tuesday, initially breaking higher due to threats of a hurricane, but rolling over drastically as the US dollar weighed upon any rally.