Oil is one of the most popular commodities in the trading world and is traded in most of the leading Forex and binary options platforms. The price of Crude Oil fluctuates based on a variety of factors including any number of political factors, a variety of natural disasters, and deviations in the currency markets.
Oil futures allow traders the ability to procure oil in the future at an agreed-upon price, and this form of trading often provides more flexibility than can be obtained by trading oil on its own.
The oil futures market is quoted as WTI/USD, West Texas Intermediate (also referred to as Texas Light Sweet) vs. USD (US Dollar). These futures trade on the New York Mercantile Exchange, the NYMex. The price of crude oil quoted in US currency and is based on BBLs or barrels of crude oil. Anyone planning to invest in Crude Oil futures should watch the WTI/USD charts for trading trends. These quotes will always be in USD only and no other currency is quoted when bidding on oil shares.
It is often difficult to chart the direction of oil prices but there is no doubt that oil futures directly affect Forex and binary option markets. Although energy economists have made great strides in recent years in forecasting the price of oil in the short term, most forecasting models employed by oil market analysts cannot be depended upon.
Crude oil prices change regularly, and these fluctuations can be attributed to numerous factors including political events and natural disasters. For this reason, it’s important for traders to stay aware of the latest crude oil price before trading – and the DailyForex trading desk can help you with this by providing daily updates on the crude oil price. Get the latest updates below!