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 has fallen a bit during the course of the trading session on Thursday, reaching down towards the $71.50 level,
The West Texas Intermediate Crude Oil market fell significantly during the trading session on Wednesday as the $7500 level continues to offer significant resistance.
The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Tuesday, but nothing overly dramatic.
The West Texas Intermediate Crude Oil market fell a bit during the trading session on Monday as the $75 level has offered a bit of resistance.
The West Texas Intermediate Crude Oil market gapped a little bit higher during the trading session on Friday, but then shot higher to reach towards the $75 level.
The West Texas Intermediate Crude Oil market initially fell during the course of the trading session to find support near the $71 level.
The United Arab Emirates seems to be much more interested in opening the spigots in order to flood the market with supply and take advantage of massive demand while it is still around.
The West Texas Intermediate Crude Oil market initially rallied on news that the OPEC+ members could not come to some type of an agreement to extend production.
OPEC+ is currently in the third day of negotiations for the production numbers, as the UAE does not wish to extend cuts as much as some of the other members.
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The West Texas Intermediate Crude Oil market fluctuated during the trading session on Friday, as we continue to hang around the $75 level.
The West Texas Intermediate Crude Oil market has rallied again during the trading session on Thursday as we have broken above the $75 level initially.
This is a market that looks as if it is going to go sideways for a while.
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Sign up to get the latest market updates and free signals directly to your inbox.The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session, as we have formed a bit of a neutral candlestick.
We are still very much in an uptrend, and that is the most important thing you should pay attention to.
The West Texas Intermediate Crude Oil market pulled back just a bit during the trading session on Friday to kick off the session, only to turn around and show signs of strength.