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 pulled back a bit but found the previous neckline of the inverted head and shoulders to bounce from.
The West Texas Intermediate Crude Oil market drifted a bit lower during the trading session on Monday but did bounce from the ultimate lows.
Crude oil markets initially tried to rally on Friday but gave back the initial gains rather quickly as we continue to see a lot of Brownian motion.
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The West Texas Intermediate Crude Oil market has been very choppy during the Thursday session, as we initially looked very bullish, fell rather hard, only to turn around and look somewhat bullish again.
The West Texas Intermediate Crude Oil market has rallied a bit during the trading on Wednesday, as we continue to see the $80 level offer a bit of support.
The West Texas Intermediate Crude Oil market has rallied slightly during the trading session on Monday, as we continue to try to break above the highs of the previous week.
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday, as we are now above the $80 level.
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Thursday to show signs of life again as the $80 level has offered support.
The West Texas Intermediate Crude Oil market initially tried to rally during the trading session on Wednesday, but turned around to show signs of exhaustion.
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The West Texas Intermediate Crude Oil market has pulled back a bit during the trading session on Monday and what would have been relatively thin action.
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday, as we are now slicing through the 50-Day EMA and testing the $80 level.
The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Thursday, touching the 50-Day EMA.
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Sign up to get the latest market updates and free signals directly to your inbox.The West Texas Intermediate Crude Oil market has pulled back just a bit early during the day on Tuesday, only to turn around and show signs of life.
The West Texas Intermediate Crude Oil market gave up early gain during the trading session on Monday, as we shot above the $75 level, only to see more selling pressure.
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday, to reach the $75 level.