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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Crude oil turned around as rumors crept into the market that the Russians are looking to continue production cuts, thereby adding more upward pressure on the market in general.
The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Friday, breaking above the $60 level.
The West Texas Intermediate Crude Oil market has fallen again during the trading session on Thursday to reach down below the 50 day EMA.
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The WTI market rallied quite significantly during the trading session on Wednesday to wipe out the losses from Tuesday.
The West Texas Intermediate Crude Oil market has dropped rather significantly during the trading session on Tuesday again, slicing through the 50 day EMA.
The West Texas Intermediate Crude Oil market has initially fallen during the trading session on Monday as traders came back to work.
It looks as if the market is going to continue to see a lot of volatility, and the oil market has been overbought for some time.
The West Texas Intermediate Crude Oil market lost almost 10% during the trading session on Thursday to slice through the $60 level.
The West Texas Intermediate Crude Oil market dipped during the trading session on Wednesday only to turn around and show signs of life again.
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The West Texas Intermediate Crude Oil market pulled back slightly during the trading session on Tuesday but then found buyers underneath to show signs of strength.
The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Monday as we continue to dance around the $65 level.
The West Texas Intermediate Crude Oil market went back and forth during the trading session on Friday and rather lackluster action.
The West Texas Intermediate Crude Oil market has rallied significantly during the trading session, perhaps due to the idea of the stimulus bill finally being passed
The West Texas Intermediate Crude Oil market has dropped towards the $63.25 level, only to turn around and show signs of strength again.
The West Texas Intermediate Crude Oil market initially tried to rally above the $65 level on Tuesday but gave back the gains to break down towards the $64 level.