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!
WTI crude oil shows signs of forming a range as oversold conditions, thin holiday trading, and supply concerns support choppy price action.
Natural gas remains range-bound between key moving averages as mild US weather, high storage, and Middle East headlines limit momentum.
Crude oil tests the 200-day EMA during a recovery attempt, but sellers remain active as traders watch Middle East risks and $70 support.
Crude oil remains bullish after breaking above the 50-day EMA, with Middle East supply risks keeping buyers focused on a move toward $100.
Crude oil spikes on geopolitical risk but remains inside a broader range, with headlines driving sharp but unstable moves.
Crude oil remains volatile just below $100, with buyers defending the 50-day EMA while traders watch $105 and $110 as the next upside levels.
WTI crude oil remains headline-driven and volatile, with $100 acting as short-term resistance and the 50-day EMA near $93.50 offering key support.
WTI crude oil remains rangebound and headline-driven, with sellers capping rallies while traders watch $85 support and $100 resistance for the next breakout.
WTI crude oil is trying to stabilize near $93 after holding key technical support, with $95 and $100 as the next resistance levels if the rebound continues.
WTI crude oil remains rangebound between $85 support and $100 resistance, with geopolitical headlines continuing to drive volatile price swings.
WTI crude oil remains headline-driven and rangebound below $100, with $102 needed for a breakout higher while $92 and $85 stand out as major support levels.
Crude oil continues to rally on geopolitical risks after tanker attacks in the Strait of Hormuz, though extreme volatility means traders should stay bullish but cautious.
The crude oil market has been rangebound for the month of February but seems to be “perking up” as we leave February.
The light sweet crude oil market started out the day on the back foot, but at this point in time, it continues to see buyers fighting to keep the market elevated. Are we starting to form the summer range?
WTI crude oil continues to trade within a tight range, with $66 acting as resistance and $62 as support, as traders await clarity on geopolitical and supply dynamics.
