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 initially fell during the trading session, especially as Joe Biden decided to suggest that OPEC increase output.
The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Tuesday as the uptrend line continues to make a bit of support for the market.
The West Texas Intermediate Crude Oil market found itself on its back foot Monday as there was suddenly a lot of negativity.
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The West Texas Intermediate Crude Oil market fluctuated during the trading session on Friday as the US Labor Department released its Non-Farm Payroll numbers for the month of July, adding 943,000 to the employment rolls.
The West Texas Intermediate Crude Oil market has bounced ever so slightly during the trading session on Thursday, which is a good sign.
The West Texas Intermediate Crude Oil market fell a bit during the trading session on Wednesday again as there are a lot of concerns about growth.
The question now is whether or not we can recover after this most recent selloff.
The West Texas Intermediate Crude Oil market fell rather hard during the trading session on Monday as we have gotten less-than-enthusiastic PMI figures from China.
The West Texas Intermediate Crude Oil market continued to show signs of strength during the trading session on Friday as it tried to break towards the $75 level.
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The crude oil markets were somewhat quiet most of the trading session but started to rally later on as the WTI market has reached above the $73.50 level.
The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Wednesday as we continue to hear a lot of noise in general.
The West Texas Intermediate Crude Oil market pulled back just a bit during the trading session on Tuesday, but then turned around to show signs of strength.
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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 fell a bit during the trading session on Monday, reaching towards the $70 level.
Traders were willing to hang on to their positions heading into the weekend, which is a sign of confidence.
The West Texas Intermediate Crude Oil market has recaptured all of the losses from the horrific selling on Monday.