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 has initially pulled back on Friday to test the $90 level, but have turned right back around to form a hammer.
The West Texas Intermediate Oil market had rallied a bit on Thursday but has given back some of the gains to show less than favorable price action.
The West Texas Intermediate Crude Oil market rallied significantly on Wednesday to recapture almost all of the losses from the previous session.
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To call it a withdrawal is probably a bit of an stretch, but Russian troops have pulled back a bit from the Ukrainian border, at least in limited numbers.
Crude oil markets remain elevated on Monday as concerns about the Russia/Ukraine situation continue to dominate the headlines.
The West Texas Intermediate Crude Oil market pulled back just a bit on Friday, but then turned around as the $90 level seems to be offering support yet again.
The West Texas Intermediate Crude Oil market has initially tried to rally on Thursday as we have seen a lot of volatility in various markets.
The West Texas Intermediate Crude Oil market dipped a bit on Wednesday but found plenty of buyers near the $88.50 level to turn around again over the last 24 hours.
The West Texas Intermediate Crude Oil market sold off quite drastically on Tuesday as we plunged towards the $88.50 level.
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The West Texas Intermediate Crude Oil market gapped lower to kick off the session on Monday, and then simply went back and forth as we slid a little lower.
The West Texas Intermediate Crude Oil market rallied rather significantly on Friday to put the $90 level in the rearview mirror.
The West Texas Intermediate Crude Oil market pulled back a bit initially but then turned around to show signs of strength yet again.
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The West Texas Intermediate Crude Oil market went back and forth on Wednesday as we are dancing around just below the $90 level.
The West Texas Intermediate Crude Oil market went back and forth on Tuesday which should not be a huge surprise due to the fact that we have seen quite a bit of volatility over the last couple of days.
The West Texas Intermediate Crude Oil market initially fell on Monday but then turned around to capture a little bit of upward momentum.