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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Natural gas markets have pulled back a little bit during the trading session on Wednesday, as the market awaits the inventory figures coming out on Thursday.
The West Texas Intermediate Crude Oil market has bounced a bit during the trading session on Wednesday, showing a positive reaction to the $57.50 level.
West Texas Intermediate Crude Oil has had a slightly positive session on Tuesday as we continue to hang around the 200 day EMA.
Natural gas markets initially tried to rally during the trading session on Tuesday, breaking above the $2.20 level.
When I state that the West Texas Intermediate Crude Oil market is at “fair value”, what I mean by that statement is that we are directly in the middle of the overall trading range that the market has been in
Natural gas markets initially pulled back during the trading session on Friday, but then rallied to break above the $2.20 level.
The West Texas Intermediate Crude market broke lower initially during the trading session on Friday, as we awaited the jobs number.
Natural gas markets went back and forth during the trading session on Thursday, showing signs of support underneath.
The West Texas Intermediate Crude market initially fell during the trading session on Thursday but turned around to form a bit of a hammer sitting right at the 50 day EMA.
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The West Texas Intermediate Crude Oil market has originally rallied during the trading session on Wednesday.
Natural gas markets gapped higher to kick off the trading session on Tuesday, but then fell rather hard to not only fill the gap at break down below it.
The West Texas Intermediate Crude Oil markets gapped lower to kick off the trading session on Tuesday but found enough support near the $62.50 level to turn around and show signs of life again.
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Natural gas markets went back and forth during the trading session on Friday, as we got inventory figure slightly better than anticipated.
The West Texas Intermediate Crude Oil market has broken higher during the trading session on Friday, reaching above the $62.50 level.