Most of what we are seeing in this market is likely to be due to the tensions with Iran.
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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 crude oil market continues to be noisy, but there is an opportunity for short-term traders here.
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WTI crude oil remains range-bound near $60 as traders look for short-term opportunities between resistance at $62 and support at $58.50.
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Crude oil prices rose modestly in low-volume holiday trading, with traders closely eyeing the $60 level and key moving averages for the next breakout or range setup.
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Light sweet crude oil is hovering near key resistance at the 200‑day EMA amid ongoing Middle East geopolitical tensions and persistent oversupply that keeps prices range‑bound.
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WTI crude remains under pressure as repeated selling on rallies, record US output and ample global supply cap prices below key resistance, leaving the market biased to sell short-term bounces above the $55 support zone.
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The $55 level has been a major floor in the light sweet crude oil market.
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The light sweet crude oil market continues to see a lot of volatility on Monday, as we have in fact gapped to the upside and then rallied a bit, but we are already starting to see some of the strength leave the market.
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Crude oil remains under pressure as failed rallies confirm persistent bearish momentum. Supply glut and weak demand cap prices below $60, with further downside likely absent a major shock.
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NZD/USD tests key resistance at 0.58, with signs of exhaustion likely to trigger selling as traders brace for a potentially hawkish Fed tone after next week’s rate decision.
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Crude oil remains range-bound between $55 and $60 amid thin holiday trading, with resistance holding firm and short-term selling signals emerging near key levels.
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Crude oil is attempting a short-term bounce from recent lows, but oversupply, weak demand, and resistance near $60 continue to favor bearish momentum within a defined range.
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Crude oil rallied on Friday but stalled below $62, as weak demand and strong resistance continue to cap upside momentum in a volatile, range-bound market.
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Crude oil fell sharply Wednesday as persistent market instability and weak global demand outweighed Russian sanctions, with prices eyeing support near $55–$56.
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