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 rallied early on Monday to reach towards the $50 level, an area that will attract a lot of attention because it is a large, round, psychologically significant figure.
The West Texas Intermediate crude oil market did very little during the trading session on Thursday, which was expected due to thin volume and a short day.
The West Texas Intermediate crude oil market initially pulled back a bit during the trading session on Wednesday as we continue to see a lot of choppiness in this market.
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The West Texas Intermediate crude oil market initially tried to rally during the trading session on Tuesday but then turned around to form a tiny shooting star.
Oversupply concern creates consolidated value.
The West Texas Intermediate Crude Oil market initially tried to rally during trading on Monday but gave back the gains to see negativity.
The West Texas Intermediate Crude Oil market fluctuated during the trading session on Thursday, in what would have been a shortened session driven by Globex trading.
The West Texas Intermediate Crude Oil market had a strong session during the day on Wednesday, in what would have been very thin trading.
The West Texas Intermediate Crude Oil market pulled back during the trading session on Tuesday as we continue to see people worry about global risk appetite.
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The West Texas Intermediate Crude Oil market fell quite a bit during the trading session on Monday as traders worry about the coronavirus mutations in the United Kingdom.
The West Texas Intermediate Crude Oil market rallied during the trading session on Friday as we continue to wait for stimulus.
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Thursday, as we continue to see the market reach towards the crucial $50 level.
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Sign up to get the latest market updates and free signals directly to your inbox.The West Texas Intermediate Crude Oil market pulled back during the trading session on Wednesday as we continue to see a lot of volatility in the markets.
The West Texas Intermediate Crude Oil market rallied again during the trading session on Tuesday.
The West Texas Intermediate Crude Oil market continues to be somewhat sideways in general as we try to figure out what to do next.