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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Natural gas markets have initially fallen during the trading session on Friday but found enough support underneath the turn things around a start to break to the upside.
The West Texas Intermediate Crude Oil market has fallen quite a bit during the trading session on Wednesday, heading into the FOMC.
Natural gas markets rallied again during the trading session on Wednesday, reaching towards the recent highs that we have seen, near the $2.73 level.
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Natural gas markets have rallied significantly during the trading session on Tuesday, reaching towards the $2.68 level late in the day.
The West Texas Intermediate Crude Oil market has initially fallen during the trading session as we dipped towards the $55 level and even below it initially but bounced enough to form a hammer.
Looking at the market, you can see there Monday was less than spectacular.
Natural gas markets gapped higher to kick off the week on Monday, and then eventually broke above the 200 day EMA.
The West Texas Intermediate Oil market has rallied a bit during the trading session on Friday as we continue to see a bit of a bullish move to the upside.
Natural gas markets have continued to see strength during the week, and Friday was no exception.
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Natural gas markets have exploded to the upside during the trading session on Thursday, as the $2.40 level was left behind.
The West Texas Crude Oil market continues to see a lot of bullish pressure, and it’s only a matter of time before we break out to the upside.
Natural gas markets have rallied a bit during the training session on Tuesday but gave back some of the gains.
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The WTI Crude Oil market fell during most of the trading session on Monday but did recover quite nicely.
Natural gas markets are likely to find buyers at current levels, the $2.20 level, as it has been so supportive over the last several days.