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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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.
The West Texas Intermediate Crude Oil market displayed reluctance to move during Thursday's trading session.
Brent markets attempted to rally, but were met with a "risk off trade" as Credit Suisse faced financial trouble.
The WTI Crude Oil market has been struggling as of late, with concerns mounting about the demand for oil in the current economic climate.
The West Texas Intermediate Crude Oil has experienced some back and forth on Friday, as the market attempts to figure out where the economy is going.
The WTI Crude Oil market experienced a bit of a rally during Thursday's trading session but remains stuck in a range due to a lot of back-and-forth noisy behavior.
During Wednesday's trading session, the West Texas Intermediate Crude Oil market fell slightly, reflecting the ongoing back-and-forth nature of the crude oil market.
Throughout Tuesday's trading session, the West Texas Intermediate Crude Oil market experienced a back-and-forth movement as it continues to consolidate.
At the start of Monday, Brett markets experienced a similar pullback to the 50-Day EMA but quickly rebounded, indicating signs of revival.
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The WTI Crude Oil market initially dropped towards the $75 level before making a quick turnaround to show significant bullish activity and form a massive hammer.
During Wednesday's trading session, the West Texas Intermediate Crude Oil market initially experienced a slight surge.
Brent markets have also rallied during the trading session on Tuesday, as we are looking at the 50-Day EMA as a potential resistance barrier.
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Sign up to get the latest market updates and free signals directly to your inbox.During the trading session on Monday, the West Texas Intermediate Crude Oil market experienced a slight pullback, leaving traders on the lookout for any signs of momentum.
During Friday's trading session, the West Texas Intermediate Crude Oil market experienced some volatility, causing it to dip slightly.
The West Texas Intermediate (WTI) Crude Oil market showed some upward momentum during Thursday's trading session despite ongoing fluctuations.