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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In what would have been relatively thin trading on Monday, the WTI Crude Oil market initially pulled back, but found buyers underneath the $70 level in order to support the market.
The WTI Crude Oil market tried to rally during the day on Friday, but then turned around to form a bit of a shooting star.
The WTI Crude Oil market rallied again and broke above the $70 level during trading on Thursday, but the daily candle doesn’t tell the whole story.
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The WTI Crude Oil market has rallied during trading on Wednesday, as crude oil inventory numbers came out much more bullish than anticipated.
The WTI Crude Oil market fell during trading on Tuesday as the $69 level looks to be a bit too resistive.
The WTI Crude Oil market had a slightly positive session during trading on Monday, in what would’ve been relatively quiet action.
The WTI Crude Oil market had a strong session on Friday, reaching towards the $69.50 level before pulling back a bit.
The WTI Crude Oil market fell right off the bat during trading on Thursday but found enough support near the $67.50 level to turn around of form a hammer.
The WTI Crude Oil market broke to the upside during the trading session on Wednesday, as the inventory number came out much more bullish than anticipated.
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The WTI Crude Oil market rallied rather significantly during the day on Wednesday, reaching above the $66 level.
The WTI Crude Oil market was slightly positive during the day but more importantly it was very noisy.
The WTI Crude Oil market rallied a bit during the trading session on Friday, reaching towards the $66 level before pulling back.
The WTI Crude Oil market has bounced a slightly during trading on Thursday, as it reached the psychologically important $65 level.
The WTI Crude Oil market was hammered on Wednesday, as the greenback gained against almost anything and everything.
The WTI Crude Oil market has been very noisy during the trading session on Tuesday, initially trying to reach towards the $68 level and beyond,