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 rallied for the second day in a row on Friday, but also saw selling pressure at the highs like we did for the second day in a row.
The WTI Crude Oil market initially tried to rally on Thursday but gave back quite a bit of the gains to in the day essentially unchanged.
The West Texas Intermediate Crude Oil market rallied significantly on Wednesday as we continue to see energy as one of the biggest outperformers globally.
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The West Texas Intermediate Crude Oil market initially dipped on Tuesday but has found support yet again like we did on Monday.
The West Texas Intermediate Crude Oil market initially tried to rally on Monday but found the area above the $85 level to be a bit too much.
The West Texas Intermediate Crude Oil market fell rather hard during the Friday session, reaching down towards the $83 level.
The West Texas Intermediate Crude Oil market has completely ignored poor inventory numbers in order to turn around and show signs of strength.
The West Texas Intermediate Crude Oil market gapped higher to kick off the trading session on Wednesday but then turned around to fill the gap.
The West Texas Intermediate Crude Oil market went back and forth on Tuesday but has given up some of the gains to show signs of exhaustion.
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The West Texas Intermediate Crude Oil market initially gapped higher on Monday, which was Martin Luther King Jr. Day in the United States.
The West Texas Intermediate Crude Oil market rallied yet again on Friday to gain 2.2%.
The WTI Crude Oil market has acted a bit sluggish on Thursday, but that is not a huge surprise considering just how parabolic we have been as of late.
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The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Tuesday to break above the $81 level.
The West Texas Intermediate Crude Oil market has pulled back slightly on Monday, as we continue to see a lot of hesitation just above at the $80 level.
The West Texas Intermediate Crude Oil market rallied initially on Friday as one would expect, due to the significant momentum that we have seen to the upside.