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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During Monday's trading session, the West Texas Intermediate Crude Oil market rallied a bit, but we saw a lot of noisy and choppy behavior in thin volume.
The West Texas Intermediate Crude Oil market fell during the trading session on Friday, as we continue to trade in the same rectangle.
The West Texas Intermediate Crude Oil market has initially fallen during the trading session on Wednesday but turned around to show signs of life again.
The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Tuesday, as we are hanging around the 50-Day EMA.
The West Texas Intermediate Crude Oil market initially fell to reach the 50-Day EMA before turning around and bouncing.
The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Friday, as we have threatened the $80 level.
The West Texas Intermediate Crude Oil market has initially fallen during the trading session on Thursday but turned around to show signs of life again.
The West Texas Intermediate Crude Oil market has rallied a bit during the session again on Wednesday, as it looks like we are trying to threaten the 50-Day EMA.
The West Texas Intermediate Crude Oil market rallied significantly to the upside during the trading session on Tuesday, as we had reached the bottom of the overall consolidation area.
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The Crude Oil market had a little bit of stability on Monday, as we are approaching the bottom of the overall consolidation area that we had been in for a while.
The West Texas Intermediate Crude Oil market has initially fallen a bit during the trading session on Thursday, only to turn around and show signs of life again.
The West Texas Intermediate Crude Oil market pulled back a bit but found the previous neckline of the inverted head and shoulders to bounce from.
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Sign up to get the latest market updates and free signals directly to your inbox.The West Texas Intermediate Crude Oil market drifted a bit lower during the trading session on Monday but did bounce from the ultimate lows.
Crude oil markets initially tried to rally on Friday but gave back the initial gains rather quickly as we continue to see a lot of Brownian motion.
The West Texas Intermediate Crude Oil market has been very choppy during the Thursday session, as we initially looked very bullish, fell rather hard, only to turn around and look somewhat bullish again.