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 initially pulled back during the trading session on Monday but turned around to show signs of strength yet again.
The West Texas Intermediate Crude Oil market fell rather hard during the trading session on Friday, showing signs of exhaustion at the $65 level.
The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Thursday to test the $65 level.
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The crude oil complex has been a bit choppy during the month of April, but at the end we were starting to see a little bit of stability, perhaps pointing in one direction finally.
The crude oil markets rallied rather significantly during the trading session on Wednesday as we continue to look at recovery as driving demand much higher.
The West Texas Intermediate Crude Oil market rallied during the trading session on Tuesday to break above a minor resistance barrier.
The crude oil markets have been a bit rattled over the last couple of sessions as we continue to see demand destruction coming out of India.
The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Friday again, but it looks like we are seeing the $62.50 level as a bit of a magnet for price, which was where we recently had seen massive resistance.
The West Texas Intermediate Crude Oil market fell significantly at the open on Thursday, but then turned around to show signs of life again.
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The West Texas Intermediate Crude Oil market broke down a bit during the trading session on Wednesday, slicing through a significant area of support at the $62.25 level.
The West Texas Intermediate Crude Oil market initially took off during the trading session on Tuesday, but then pulled back rapidly as European traders began to worry about increasing numbers of coronavirus infections in other parts of the world.
The West Texas Intermediate Crude Oil market has done very little during the trading session yet again, as it looks like we are simply “killing time” before some type of bigger move.
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The West Texas Intermediate Crude Oil market went higher initially during the trading session, but then gave back the gains to form a shooting star.
The West Texas Intermediate Crude Oil market has rallied again during the trading session on Thursday to continue showing bullish pressure.
The West Texas Intermediate Crude Oil market broke out during the trading session on Wednesday, as we have cleared the top of the short-term range that we have been in.