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 rallied in recent trading sessions, although there is still a lot of noise just above the 200-Day EMA.
The West Texas Intermediate Crude Oil market has been indecisive during Tuesday's trading session, as it hesitates just below the 200-Day EMA.
The crude oil market has experienced significant volatility in recent weeks, with both the WTI and Brent markets struggling to gain traction.
The West Texas Intermediate (WTI) Crude Oil market has been exhibiting a great deal of volatility, going back and forth during Thursday's trading session.
The recent announcement by OPEC+ to cut oil production by 1 million barrels per day has had a significant impact on the West Texas Intermediate Crude Oil and Brent markets.
The recent rally in the Crude Oil market might seem encouraging, but there are underlying concerns that suggest a downward trend may be imminent.
The WTI Crude Oil market has been slightly positive during the trading session on Thursday, but still looks as if it has a bit of negativity attached to it.
The West Texas Intermediate Crude Oil market rallied slightly during Wednesday's trading session, approaching the 50-Day EMA.
WTI Crude Oil and Brent markets have been struggling lately, facing significant resistance just above current pricing.
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The US Oil market, has rallied slightly during Monday's trading session, with the market trying to pick itself up from recent lows.
The West Texas Intermediate (WTI) crude oil market experienced a decline during the early hours of Friday, breaking below the $68 level.
On Thursday, the West Texas Intermediate Crude Oil market rallied, breaking above the $70 level.
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Sign up to get the latest market updates and free signals directly to your inbox.The West Texas Intermediate (WTI) Crude Oil market experienced modest gains during Wednesday's trading session, as market participants awaited the results of the FOMC meeting.
The global oil markets have been experiencing significant fluctuations in recent days, with both WTI and Brent crude oil falling during Monday's trading session.
At the start of Friday's trading session, the West Texas Intermediate Crude Oil market attempted to rally but quickly lost its gains due to resistance at the $70 level.