If you are a commodities trader, you must have made a lot of money by now. If you are a forex trader, you can easily trade crude oil from the same MT4 platform that you use to trade currencies. Gold, oil and silver are available on the MT4 platform. When you find a strong developing in these commodities, always try to profit from it.However when you trade commodities like crude oil or gold, keep an eye on the fundamentals that drive the market.
Crude oil is in an unprecedented downtrend after many years. From a high of $107 per barrel, crude oil is now hovering near $88 per barrel and no end in sight for the sell off. Crude was walloped on Thursday, with Brent and West Texas Intermediate plunging to their lowest in at least a year, with prices depressed by surging oil supplies and a darkening demand outlook in China and Europe. Or the worst is over. Saudi Arabia is reportedly cutting oil production which means a drop in the global supply of oil. There is a price level at which Saudi Arabia will act decisively. For now the worst seems to be over. The worst is over for global oil prices, according to UBS AG and Barclays Plc. After the biggest quarterly drop in more than two years, Brent is set to recover as Saudi Arabia cuts output and demand climbs, they said.