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[Bitop Exchange Market Watch] EIA Report Suggests OPEC+ Cuts Effective, U.S. Crude Oil Short-Term Correction

2024年07月10日发布

Crude Oil News Analysis:

 

On Wednesday (July 10) during the Asian morning session, international oil prices fluctuated narrowly, with U.S. crude oil currently trading around $81.62 per barrel. Oil prices fell more than 1% on Tuesday, recording a three-day losing streak, as traders learned that Hurricane Beryl was unlikely to cause a long-term supply disruption. The storm damage to a Texas oil production center was less than feared.

 

Brent crude futures settled at $84.66 a barrel on Tuesday, down $1.09, or 1.3%. U.S. crude futures closed at $81.41 a barrel on Tuesday, down $0.92, or 1.1%.

 

The EIA's Short-Term Energy Outlook report released on Tuesday showed that U.S. crude oil demand growth is expected to be 110,000 barrels per day in 2024, up from 90,000 barrels per day previously. The EIA report provided some signals that OPEC+'s decision to extend production cuts into the third quarter may be working. The report said global oil inventories are expected to fall by about 700,000 barrels per day in the second half of this year, potentially pushing Brent crude prices to an average of $89 a barrel.

 

Crude Oil Technical Analysis:

 

From the recent trend of crude oil, the market has been maintaining a unilateral upward trend, with the moving averages arranged in a bullish manner. However, U.S. crude oil has recently encountered resistance near its two-and-a-half-month high and has pulled back, forming a three-day bearish signal. The MACD indicator has formed a preliminary death cross, and the KDJ death cross signal continues, suggesting that oil prices have formed a preliminary top and are likely to experience a downward correction in the future. The 100-day moving average provides support around 80.55, the 55-day moving average is at 79.57, and the key support is near the 200-day moving average of 78.85. If this level is breached, it would increase the medium-term bearish signal.

 

Overall:

For today's crude oil trading strategy, it is recommended to focus on buying on dips and selling on rallies. The short-term resistance level above is 82.5-83.0, and the short-term support level below is 80.5-80.0.

 

This article is compiled by analysts from the Bitop Market Watch team. The content is for personal opinion sharing only and does not constitute any investment advice. Analysis is time-sensitive, and investment involves risks. Please be cautious when entering the market!

 

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.