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 pulled back during the trading session on Friday but turned around to take off to the upside yet again.
The West Texas Intermediate Crude Oil market has pulled back a bit during the trading session on Thursday, as OPEC has delayed its timeline of recovery for 2021 during the session.
The West Texas Intermediate Crude Oil market fluctuated during the course of the trading session on Wednesday as we have tested the $59 level.
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The West Texas Intermediate Crude Oil market pulled back significantly during the trading session on Tuesday, but found plenty of support underneath to form a hammer-shaped candlestick.
The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Friday, as we have now cleared the $57.50 level.
The West Texas Intermediate Crude Oil market rallied again during the trading session on Friday as we pierced the $57 level.
The West Texas Intermediate Crude Oil market has pulled back during the trading session on Thursday to test the $55 level, an area that it broke out from in the last couple of days.
The West Texas Intermediate Crude Oil market broke above the significant $55 level during the trading session on Wednesday, showing signs of continued bullishness.
The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Tuesday to peek above the $55 level for just a moment.
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The West Texas Intermediate Crude Oil market pulled back a bit during the beginning of the session on Monday but then shot straight up in the air.
The West Texas Intermediate crude oil market did rally initially during the trading session on Friday but gave back the gains yet again as we continue to see the market struggle to go higher.
The crude oil markets still continue to go sideways overall, as we tried to rally initially during the trading session but gave back the gains.
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The West Texas Intermediate Crude Oil market has been very noisy during the course of the trading session on Wednesday, as the market simply has no idea what to do with itself
Significant gains have been achieved...what comes next?
The crude oil markets tried to rally initially during the trading session on Tuesday but gave back the gains as we start to reach towards the FOMC.