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 crude oil markets had a positive session on Wednesday, breaking above the psychologically important $60 handle.
Natural gas markets ran into significant resistance later in the day on Wednesday, as the $2.50 level has caused selling pressure.
Crude oil markets did very little during the trading session on Tuesday as we continue to dawdle around the 50 day EMA.
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Natural gas markets initially broke down during the trading session on Tuesday as per usual, as this market has been very bearish for the longest time.
Natural gas markets gapped higher to kick off the week on Monday, and even managed to clear the 50 day EMA.
The WTI Crude Oil market rallied initially during the trading session on Monday but as you can see gave back quite a bit of the gains and ended up forming a bit of a shooting star.
The WTI Crude Oil market initially fell hard during the trading session on Friday, reaching down to the bottom yet again.
Natural gas markets pushed higher to the trading session, reaching towards the 50 day EMA.
Natural gas markets were very quiet and electronic trading during the holiday session on Thursday as Americans celebrated Independence Day.
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The WTI Crude Oil market did very little during the trading session on Thursday as you would expect, as it was the Independence Day holiday in the United States.
The WTI Crude Oil market had a relatively flat trading session during the day on Wednesday, initially trying to rally but then giving back the gains.
Natural gas markets will be very thin during the trading session on Thursday, as we are going to see people celebrating the Independence Day holiday in the United States.
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Natural gas markets tried to rally significantly during the trading session on Tuesday, but then pulled back to find selling pressure yet again.
Natural gas markets broke down significantly during the trading session on Monday again, after initially trying to rally.