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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WTI Crude Oil: Speculators Breathing Easier In Energy Sector
The West Texas Intermediate Crude Oil market rallied slightly during the trading session on Tuesday as we continue to grind towards the $40 level.
The West Texas Intermediate Crude Oil market has initially gapped lower to kick off the week on Monday, and then turned around to show signs of strength again
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The West Texas Intermediate Crude Oil market fell a bit during the trading session on Friday but remains within the range of the Thursday session.
The West Texas Intermediate Crude Oil market initially fell during the trading session on Thursday, but then turned around to show signs of life again.
The West Texas Intermediate Crude Oil markets have broken down significantly during the trading session on Wednesday as traders are starting to worry about whether or not the coronavirus numbers are going to pick up, and slow things in the economy down.
The West Texas Intermediate Crude Oil market has reached towards the $41 level before pulling back slightly.
The West Texas Intermediate Crude Oil market initially gapped lower to kick off the trading session on Monday, but as you can see we continue to reach towards the $41 level above.
Brent Crude has not experienced the fire storm of its closely correlated trading cousin WTI, West Texas Intermediate.
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The West Texas Intermediate Crude Oil market looks as if it is trying to rally towards the $41 level, which is the top of the gap.
The West Texas Intermediate Crude Oil market has continued to show a lot of resiliency, as we see buyers jump in and try to fill the gap at the $41 level.
The West Texas Intermediate Crude Oil market gapped lower to kick off the trading session on Wednesday but then pulled back even further.
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The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Tuesday, breaking above the top of the hammer from the previous session on Monday.
The West Texas Intermediate Crude Oil market continues to find buyers on dips, with the $35 level offering a significant amount of support.
The West Texas Intermediate Crude Oil market has broken down a bit during the trading session on Friday, reaching down towards the $35 level.