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 rallied slightly during the trading session on Monday in very thin trading.
Natural Gas gapped lower to kick off the trading week on Monday, as we again have seen a lot of bearish pressure into this marketplace.
Natural gas markets bounced a bit during the trading session on Friday, breaking above the highs from the Thursday session after that very bullish inventory figure.
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The West Texas Intermediate Crude Oil market fell during the trading session on Friday, showing signs of exhaustion and probably more likely, profit-taking.
The West Texas Intermediate Crude Oil market has rallied again during the trading session on Thursday, as we continue to see the market grinding higher.
Natural gas markets initially fell during the trading session on Thursday, began a boost from a -110 million number instead of the anticipated -97.
Natural gas markets fell a bit during the trading session again during the day on Wednesday, but as you can see, we simply have no momentum to the upside.
The West Texas Intermediate Crude Oil market rallied again during the trading session on Wednesday, as we recovered from the gap lower.
The West Texas Intermediate Crude Oil market has rallied again during the trading session on Tuesday, as we are above the $60 level.
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The West Texas Intermediate Crude market did rally a bit during the trading session on Monday to kick off the week but as you can see, we have a lot of noise just above that extends all the way to the $62.50 handle.
Natural gas markets have rallied nicely during the Monday session to kick off the week, reaching above the $2.35 level.
The West Texas Intermediate Crude Oil market has rallied significantly during the trading session on Friday, reaching above the $60 level before pulling back just a bit.
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The West Texas Intermediate Crude Oil market fell during trading on Wednesday, reaching down to the psychologically important $58 level.
Natural gas markets rallied initially during the trading session on Wednesday, reaching towards the previous uptrend line.