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 initially fell during trading on Monday, perhaps in reaction to the general “risk off” attitude of the markets after the situation in Turkey.
The WTI Crude Oil market rallied after a significant selloff over the last couple of days on Friday.
The WTI Crude Oil market was very noisy during trading on Thursday but did offer a bit of stability coming in at support.
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The WTI Crude Oil market fell rather significantly during the trading session on Wednesday, and then got an extra boost as although inventory was taken out in the United States, it was only about half of what had been anticipated.
The WTI Crude Oil market tried to rally again during the day on Tuesday, but just like the Monday session we ended up finding sellers close to the $70 level again and rolled over.
The WTI Crude Oil market rallied a bit during the trading session on Monday, reaching towards the $70 level that failing to break above it.
The WTI Crude Oil market initially fell during trading on Friday but found enough support near the $68 level to show its proclivity to stay within the consolidation area that we have seen over the last couple of weeks.
The WTI Crude Oil market has fallen initially during the day on Thursday, reaching towards the $67 level.
The WTI Crude Oil market has fallen during the trading session on Wednesday, reaching down towards the 67.25 level.
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The WTI Crude Oil market fell hard during the trading session on Tuesday, as the $70 level has caused a significant amount of bearish pressure.
The WTI Crude Oil market rallied on Monday to kick off the week, breaking above the $70 handle.
The WTI Crude Oil market fell a bit during the trading session on Friday, as we continue to grind back and forth in a relatively tight consolidating rectangle.
The WTI Crude Oil market rallied slightly during the trading session on Thursday, testing the $70 level.
The WTI Crude Oil market initially dipped a bit during the day on Wednesday but then rallied towards the $70 level.
The WTI Crude Oil market has rallied a bit during the trading session on Tuesday but continues to find trouble just above.