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 fallen during the trading session but bounced on Tuesday to show that we continue to see the $40 level as somewhat important.
The West Texas Intermediate Crude Oil market initially took off to the upside during the trading session on Monday to open up the week, but we have a significant amount of resistance just above to cause issues.
The West Texas Intermediate Crude Oil market did rally a little during the trading session on Friday, which makes sense considering that it was the observed Independence Day holiday.
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Looking at the West Texas Intermediate Crude Oil market, you can see that we have rallied ever so slightly but at the end of the day we are still very much in the same range that we have been in
The West Texas Intermediate Crude Oil market has gone back and forth during trading on Wednesday, in a relatively tight range.
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
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.
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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.
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.