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 has initially pulled back a bit during the trading session on Monday, only to turn around and form a hammer.
The WTI Crude Oil market lost 0.4% during the trading session on Friday but remained supportive just below by an uptrend line.
The WTI Crude Oil market rallied significantly during the trading session on Thursday, slamming into the $66 level.
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The WTI Crude Oil market initially tried to rally during the trading session on Wednesday only to find resistance at the $66 level and start falling again.
The WTI Crude Oil market went back and forth during trading on Tuesday, as we are testing the $65 region.
The WTI Crude Oil market broke down significantly during the day, slicing through the previous uptrend line that has been so significant for months.
The WTI Crude Oil market fell significantly on Friday, reaching towards a major uptrend line.
The WTI Crude Oil market fell rather hard during the trading session on Thursday, especially once we started talking about tariffs coming from the United States and applied towards the Canadians, Mexicans, and Europeans.
WTI Crude Oil markets initially fell during the trading session on Wednesday, but then exploded to the upside as value hunters came back into the marketplace, based upon the uptrend line that has been so supportive in the past.
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The WTI Crude Oil market has gone back and forth during the day on Tuesday, showing respect to the longer-term uptrend line and the 100-day simple moving average.
The WTI Crude Oil market fell significantly during the trading session on Monday, breaking below the $67 level.
West Texas Intermediate crude oil fell significantly during the trading session on Friday, as the US dollar continues to strengthen.
The WTI Crude Oil market broke down significantly during the trading session on Thursday, reaching down towards the $70.50 level, which is testing a major support level that extends down to the $70 level.
The WTI Crude Oil market fell during the trading session on Wednesday, reaching as low as $71.25 after we got a surprise addition to inventory numbers in the United States.
The WTI Crude Oil market fell slightly during the day as the $72.50 level offered a bit of resistance.