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, as well as the Brent market, spiked after an attack in Saudi Arabia that has wiped out half of their refinery capacity.
Natural gas markets gapped higher to kick off the week after the drone strike in Saudi Arabia, and that is perhaps in sympathy to the idea of the energy complex having less supplied in general.
The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Friday, dancing around the $55 level.
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The natural gas markets initially pulled back a bit during the trading session on Friday but then turned around to reach towards the 200 day EMA yet again.
The West Texas Intermediate Crude Oil market has fallen again during the trading session on Thursday, as we broke solidly through the 50 day EMA
Natural gas markets had a choppy session yet again during the trading day on Thursday as the markets may be a little bit overextended.
The WTI Crude Oil market fell rather hard during the trading session on Wednesday, even though the inventory number was very strong.
Natural gas markets pulled back a bit during the trading session on Wednesday, as the 200 day EMA has offered significant resistance during the day on Tuesday, forming a shooting star.
The West Texas Intermediate Crude market rallied significantly initially during the trading session on Tuesday, but has found the lot of resistance above the 200 day EMA.
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Natural gas markets initially tried to rally during the trading session on Tuesday, breaking towards the $2.65 level before finding selling again.
The WTI Crude Oil market broke higher during the trading session on Monday, slicing through the downtrend line that we have seen, and now we are reaching towards the 200 day EMA.
Natural gas markets rallied a bit during the trading session on Monday, reaching towards the vital $2.60 level, which is not only a large, round, psychologically significant figure.
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The West Texas Intermediate Crude Oil market initially fell during the trading session on Friday, reaching down to the $55 level early in the day.
Natural gas markets have gone back and forth during the session on Thursday as we are starting to reach highs again.