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 rallied on Thursday from the $60 support zone, with short-term bullish momentum eyeing a breakout above $65 amid global growth speculation.
Crude oil climbed over 2% on Tuesday as oversold conditions, seasonal demand, and technical support at $60 drive momentum toward the key $65 and $72.50 resistance levels.
Crude oil prices dropped Monday morning, testing key support near $62 as traders watch for a possible bounce off the $60 level or deeper losses ahead.
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Crude oil is attempting to stabilize above $60, with traders watching for a breakout above $63.50 as the market builds a case for a short-term upside.
As you can see, we pulled back just a bit in the early part of the session here on Wednesday only to turn around and show signs of life again
Crude oil stabilizes above $60 as the market searches for a bottom, but volatility remains high amid ongoing trade war uncertainty.
It's been a pretty rough day during the trading session on Thursday for the crude oil market and you can see that the market started falling in pre-market and the US China risk continue to be a major issue.
West Texas Intermediate crude oil rebounds above $60 after Trump pauses global tariffs, though recession fears and China tensions keep pressure on.
Crude oil prices are attempting to stabilize around the key $60 level after a sharp decline, but oversupply and trade fears continue to weigh on sentiment.
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Crude oil tested the key $60 level on Monday as traders assess demand outlook and OPEC production increases amid global tariff concerns.
Crude oil broke below the critical $65 support on Friday as oversupply fears and recession risk dragged WTI toward a bearish breakdown.
WTI crude oil tumbled over 7% on Thursday as tariffs reignited global demand fears, with traders closely watching the critical $65 support level.
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Crude oil is pushing toward a breakout as traders balance tariff risks with seasonal demand, watching $72.50 resistance for a move toward $75 and $80 this summer.
Crude oil retreats from the 200-day EMA as traders await U.S. tariff announcements, with $70 support and $78.50 resistance defining near-term direction.
WTI crude oil is expected to trend higher in April, supported by seasonal demand and strong economic data, with key resistance at $72.50 and $78.50.