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!
The light sweet crude oil market initially pulled back just a bit to test the $62 level, a level that's been important for several weeks. If the market were to break down below there, then we could open up the possibility of a move all the way down to the $60 level. But I think right now we're basically in a range of support underneath that could continue to offer a floor in the markets at the moment.
WTI crude oil continues to trade within a tight $62–$65 range, with the Fed decision set to drive the next breakout or pullback.
Crude oil steadies around $62 support, with resistance at $65, as traders balance oversupply pressures against slowing global demand.
Crude oil remains rangebound with $62 acting as key support and $67 as resistance, as oversupply and weakening demand limit upside potential.
WTI crude oil is attempting a rebound but remains capped under $66, with strong supply pressures keeping the market in a potential “sell the rips” environment.
Crude oil remains choppy around $65, with the 50-day EMA acting as resistance and $63–$62 providing support as global oversupply caps major upside moves.
WTI crude oil hovers near $64 with $65 acting as resistance, as oversupply from major producers caps gains and keeps the market choppy.
WTI crude oil reversed from $65 resistance on Tuesday, with bearish pressure pointing toward $62 and possibly $60 if supply and demand concerns persist.
WTI crude oil edged higher Friday but failed to hold gains, with resistance at $65 and oversupply risks keeping the bearish trend intact toward $60.
WTI crude oil bounced Thursday but faces resistance at $65 and remains vulnerable to downside toward $62 amid oversupply and global demand concerns.
WTI crude oil struggles below $65, with traders watching Fed policy, global trade, and geopolitical developments for the next breakout signal.
Crude oil prices fell sharply to start the week, pressured by rising global supply and weakening economic signals, with $65 acting as critical support.
Crude oil prices tumbled following a weak US jobs report and OPEC's decision to increase output, pulling the market back into its expected summer range.
WTI crude oil tumbled from recent highs on Thursday as geopolitical tensions and Trump’s remarks on Russian oil triggered a sharp reversal into summer’s trading range.
Crude oil prices bounced off $65 support, forming a hammer candlestick as trade deals lift demand hopes, though excess OPEC supply caps gains within a $65–$70 range.
