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 struggled to hang onto gains during the trading session on Thursday, as we got a better than anticipated inventory figure, but have also failed at the downtrend line that has been so prevalent in this market.
Hotter temperatures forecasted in the United States continues to drive natural gas prices higher, as we have broken above the $2.40 level for the first time since July.
The West Texas Intermediate Crude Oil market rallied significantly during the trading session on Wednesday as traders bought everything they can get their hands on.
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Natural gas markets have rallied quite significantly during the trading session on Tuesday, after initially pulling back to the 50 day EMA before bouncing towards the $2.35 level.
The West Texas Intermediate Crude Oil market has fallen a bit during the trading session again on Tuesday but we have bounced a bit from the lows.
The West Texas Intermediate Crude Oil market has fallen a bit during the trading session on Monday, but it was Labor Day in the United States so you need to keep that in mind.
Natural gas markets have rallied a bit during the trading session on Monday, but keep in mind that these trades were done in a very thin market.
The WTI Crude Oil market initially tried to rally on Friday but then broke down below the 50 day EMA.
The natural gas markets went back and forth during the trading session on Friday, reaching down towards the 50 day EMA before bouncing slightly.
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The West Texas Intermediate Crude Oil market rallied rather significantly during the trading session again on Thursday, pressing the top of the shooting star from the previous session.
Natural gas markets rallied a bit during the trading session on Thursday, breaking above the 50 day EMA.
The West Texas Intermediate Crude market gapped higher to kick off the trading session on Wednesday, and then shot even higher after the inventory figures showed 10 million barrels drawn away.
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Sign up to get the latest market updates and free signals directly to your inbox.The natural gas markets initially tried to rally during the trading session on Wednesday, but as you can see we have found a significant downtrend line that has held the market down for quite some time.
The WTI Crude Oil market should continue to grind a little bit higher in the short term, but I do think that by the end of the day we will find sellers to push this market back down.
The natural gas markets fell during the trading session on Tuesday, as we continue to see a lot of resistance above and it’s likely that we will continue to go lower.