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 done very little during the trading session on Monday to kick off the week, but that should not be a huge surprise.
The West Texas Intermediate Crude Oil market did have a positive session on Friday, as we continue to hover around the $37.50 level on the front contract.
The West Texas Intermediate Crude Oil market has been relatively quiet over the last couple of days, and that is probably something that is necessary after the bloodbath that we have seen.
The West Texas Intermediate Crude Oil market bounced a bit during the trading session on Wednesday, as it had most certainly gotten a bit oversold.
The West Texas Intermediate Crude market got absolutely crushed during trading on Tuesday as traders came back to work in Chicago and New York.
The West Texas Intermediate Crude Oil market fell again during the trading session on Monday, but it should be noted that it was Labor Day in the United States and therefore you can only read so much into the price action.
The West Texas Intermediate Crude Oil market has broken down significantly during the trading session on Friday, as we have broken the back of a hammer from the Thursday session, and perhaps even more importantly have broken down below the $40 level.
The crude oil markets have pulled back a bit during the trading session on Thursday as there has been a lot of volatility in the markets overall.
The West Texas Intermediate Crude Oil market has fallen rather hard during the trading session on Wednesday, as the EIA report came out bullish.
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The crude oil markets were slightly bullish during most of the trading session on Tuesday in both Asia and Europe but have turned around to show signs of negativity once the open pit session started.
The West Texas Intermediate Crude Oil market has initially tried to rally during the trading session on Monday as traders came back from the weekend,
The West Texas Intermediate Crude Oil market has done almost nothing over the last several days, other than to grind sideways and drift slightly higher.
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The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Thursday, bouncing enough to turn around and form a bit of a hammer.
The West Texas Intermediate Crude Oil market broke higher during the trading session again on Wednesday, as we continue to see more of a grind to the upside.