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 crude oil markets have been a bit rattled over the last couple of sessions as we continue to see demand destruction coming out of India.
The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Friday again, but it looks like we are seeing the $62.50 level as a bit of a magnet for price, which was where we recently had seen massive resistance.
The West Texas Intermediate Crude Oil market fell significantly at the open on Thursday, but then turned around to show signs of life again.
The West Texas Intermediate Crude Oil market broke down a bit during the trading session on Wednesday, slicing through a significant area of support at the $62.25 level.
The West Texas Intermediate Crude Oil market initially took off during the trading session on Tuesday, but then pulled back rapidly as European traders began to worry about increasing numbers of coronavirus infections in other parts of the world.
The West Texas Intermediate Crude Oil market has done very little during the trading session yet again, as it looks like we are simply “killing time” before some type of bigger move.
The West Texas Intermediate Crude Oil market went higher initially during the trading session, but then gave back the gains to form a shooting star.
The West Texas Intermediate Crude Oil market has rallied again during the trading session on Thursday to continue showing bullish pressure.
The West Texas Intermediate Crude Oil market broke out during the trading session on Wednesday, as we have cleared the top of the short-term range that we have been in.
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The West Texas Intermediate Crude Oil market has done very little during the trading session on Tuesday yet again, as we continue to bounce around in the same action that we have seen for some time.
The West Texas Intermediate Crude Oil market has been very choppy over the last couple of weeks, and it looks as if the range is tightening.
The West Texas Intermediate Crude Oil market has rallied over the last couple of days, but Friday was a bit different as we pulled back.
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The West Texas Intermediate Crude Oil market was all over the place again during the trading session on Wednesday.
The crude oil market is still looking likely to cause a lot of headaches for traders going forward.