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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Crude oil remains choppy around $65, with the 50-day EMA acting as resistance and $63–$62 providing support as global oversupply caps major upside moves.
WTI crude oil hovers near $64 with $65 acting as resistance, as oversupply from major producers caps gains and keeps the market choppy.
WTI crude oil reversed from $65 resistance on Tuesday, with bearish pressure pointing toward $62 and possibly $60 if supply and demand concerns persist.
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WTI crude oil edged higher Friday but failed to hold gains, with resistance at $65 and oversupply risks keeping the bearish trend intact toward $60.
WTI crude oil bounced Thursday but faces resistance at $65 and remains vulnerable to downside toward $62 amid oversupply and global demand concerns.
WTI crude oil struggles below $65, with traders watching Fed policy, global trade, and geopolitical developments for the next breakout signal.
Crude oil prices fell sharply to start the week, pressured by rising global supply and weakening economic signals, with $65 acting as critical support.
Crude oil prices tumbled following a weak US jobs report and OPEC's decision to increase output, pulling the market back into its expected summer range.
WTI crude oil tumbled from recent highs on Thursday as geopolitical tensions and Trump’s remarks on Russian oil triggered a sharp reversal into summer’s trading range.
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Crude oil prices bounced off $65 support, forming a hammer candlestick as trade deals lift demand hopes, though excess OPEC supply caps gains within a $65–$70 range.
Crude oil prices continue to find support near $65, with summer seasonality and rangebound trading pointing to consolidation unless a strong catalyst breaks the $70 ceiling.
Crude oil is recovering with technical signals pointing to further upside, supported by seasonal demand and strong levels near $64–$65.
Crude oil bounced from key $66 support on Wednesday, forming a bullish hammer pattern as seasonal trends and economic optimism support potential upside.
Crude oil remains in a noisy, consolidated phase near the 50-day EMA, with traders eyeing a potential grind toward $70 or a pullback to $65.
Crude oil reversed early losses on Monday with a strong bullish engulfing candle off the $65 support, signaling renewed upside momentum toward $75.