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 West Texas Intermediate Crude Oil market has initially tried to rally on Friday, as everything went “risk on” for a short amount of time.
The West Texas Intermediate Crude Oil market has fallen again during the trading session on Thursday, as it looks like we are seeing a lot of jitters before the jobs number.
The West Texas Intermediate Crude Oil market found a significant amount of volatility during the trading session on Wednesday as the market has broken down below the $90 level but then turned around to form a slightly supportive candlestick.
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The West Texas Intermediate Crude Oil market has fallen during the session on Tuesday as we continue to see the 200-Day EMA and the 50-Day EMA both offer resistance.
The West Texas Intermediate Crude Oil market rallied again on Monday, to break above the 200-Day EMA.
The West Texas Intermediate Crude Oil market has gone back and forth during the day on Friday, showing signs of hesitation and confusion.
The West Texas Intermediate Crude Oil market has pulled back a bit, losing over 2% during the trading session on Thursday.
The West Texas Intermediate Crude Oil market has broken out of a falling wedge on Tuesday to show signs of life again.
The West Texas Intermediate Crude Oil market has fallen rather hard during the trading session on Monday but then turned around to show signs of life.
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The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Friday, as we continue to see a lot of confusion in financial markets overall.
The West Texas Intermediate Crude Oil market has bounced a bid from a major support level during the trading session on Thursday.
The Crude Oil market has been very negative for a while, and it makes sense that we would see an attempt to turn things background.
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The West Texas Intermediate Crude Oil market initially tried to rally on Tuesday but has also seen quite a bit of selling pressure.
The West Texas Intermediate Crude Oil market fell rather hard during the early hours on Monday, crashing into the previous support level of around $87.
The West Texas Intermediate Crude Oil market fell a bit on Friday as the 200-day EMA has offered a bit of trouble.