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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I believe that this market is completely overdone considering the situation in Egypt.
The WTI Crude Oil markets had a positive session on Friday as the nonfarm payroll numbers came out showing that the Americans added 195,000 jobs to the economy in June.
The WTI Crude Oil markets did very little during the session on Thursday, as one would expect as the Americans celebrated Independence Day.
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The WTI Crude Oil markets had a very strong showing during the Wednesday session, although it was shortened trading hours due to the US independence holiday for the fourth.
The WTI Crude Oil markets had a strong showing during the session on Tuesday, smashing into the 99.50 level with great conviction.
The DTI Crude Oil market had a strong showing on Monday, breaking slightly above the $98.00 level.
The WTI Crude Oil market rallied during a big part of the day, but found the $98.00 level far too resistive.
The WTI Crude Oil market rose during the session on Thursday, breaking above the $97.00 level at one point during the day.
The WTI Crude Oil markets fell initially during the session on Wednesday, but as you can see found enough support near the $93.50 level in order to bounce back up and close above the $95.00 level.
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When you look at this market, it's a lot like a Ping-Pong match - or table tennis depending on where you live. See more here.
The WTI Crude Oil market initially fell during the session on Monday, but as you can see, traders came back into support the market. This followed an almost lockstep with what the US Dollar Index did during the session, as the US dollar initially appreciated, but fell back down in order to form a shooting star.
The WTI Crude Oil markets fell again during the session on Friday, to continue the selloff that we have seen over the last three sessions. The main culprit of course is the US dollar and the Federal Reserve, as the Federal Reserve has suggested that they are going to taper off of quantitative easing over the next several months, and possibly be completely out of that game by the middle of next year.
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The WTI Crude Oil market initially tried to rally during the Wednesday session, but as you can see the $99.00 level offered far too much resistance. I have been suggesting for a while that resistance was deathly going to be strong in that vicinity, and extending up to the $100.00 level, as it is a large round psychologically significant number.
The WTI Crude Oil initially fell during the session on Tuesday, but as you can see the bottom of the range offered enough support in order to bounce this market high enough to make a serious challenge to the top of the shooting star from Monday.