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 went back and forth during a wild day on Wednesday as we continue to see volatility pick up.
The West Texas Intermediate Crude Oil market pulled back a bit on Monday to kick off the week on its back foot.
The West Texas Intermediate Crude Oil market pulled back a bit on Friday but found buyers to come in and pick the market up.
The Oil market has rallied rather significantly over the last couple of weeks, but on Thursday gave back gains to form a less than impressive candlestick.
The West Texas Intermediate Crude Oil market has rallied a bit on Wednesday to break above the top of the candlestick from Tuesday.
The West Texas Intermediate Crude Oil market rallied a bit on Tuesday but pulled back to show signs of exhaustion.
The West Texas Intermediate Crude Oil market rallied right away at the open on Monday to go looking towards the $109 level.
The West Texas Intermediate Crude Oil market rallied a bit on Friday but did stall a bit as we reached the end of the week.
The WTI Crude Oil market initially tried to rally but gave back gains as the $100 level has offered far too much in the way of resistance.
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The West Texas Intermediate Crude Oil market gapped lower at the open in Asia and then fell well below the $100 level.
The futures contract for the West Texas Intermediate Crude Oil market melted down early in the session on Monday, as talk of a potential cease-fire in Ukraine started to make the rounds again.
The WTI Crude Oil market rallied a bit on Friday as we reach towards the crucial $110 level.
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The crude oil market was decimated on Wednesday as the bottom fell out of the markets.
The West Texas Intermediate Crude Oil market rallied rather significantly again on Tuesday as we continue to see a lot of concerns when it comes to oil disruption, especially as the Biden administration has now banned all Russian imports into the United States.