Crude Oil News Analysis:

On Monday (September 30th), international oil prices fluctuated slightly lower in early Asian trading, with WTI crude oil currently trading near $68.28 per barrel. Oil prices closed slightly higher on Friday, but fell more than 3% for the week as investors assessed expectations of increased global supply and new stimulus measures from the largest crude importer, a major Asian country. The crude oil market showed significant volatility this week. Despite the intensification of the situation in the Middle East, global oil prices still could not avoid the downward trend. After weighing the impact of multiple economic and geopolitical factors, the trend of crude oil prices appears to be more complicated.

Brent crude futures rose $0.38, or 0.53%, to settle at $71.89 a barrel on Friday. Front-month U.S. crude futures rose $0.51, or 0.75%, to settle at $68.18 a barrel on Friday.

OPEC+'s plan to increase production starting in December has had a particularly significant impact on oil prices and was the main bearish factor in the oil market last week. On the other hand, the withdrawal of multiple stimulus policies by major countries, expectations of further interest rate cuts by the Federal Reserve, and the escalation of the Middle East conflict still provide some support for oil prices.

Israel said it bombed targets of Yemen's Houthi rebels on Sunday (September 29) and continued airstrikes on Lebanon, two days after killing Hezbollah leader Sayyed Hassan Nasrallah. Expanded confrontation with Iran's allies in the region. The escalating conflict in the Middle East helped support oil prices.

Crude Oil Technical Analysis:

Crude oil fluctuated within a narrow range on Friday, with the high point hovering under pressure around $68.6 and the low point stabilizing around $67.0. Looking at the daily chart of crude oil, the oil price has dropped significantly after falling below the $70 mark, and there is currently no sign of stopping the decline, and it is still in a bearish suppression. Looking at the four-hour level, the Bollinger Bands of oil prices are opening downward, and the moving average system is dead crossing downward. Currently, the oil price has formed a platform resistance level around 68.7. It is difficult to change the bearish pattern if this level is not broken. After a further breakthrough, the upper 69.7 area will form resistance and suppression. The support level below is around 67.0. If it breaks down further, we will focus on the support around 66.0. In the short term, U.S. crude oil can pay attention to the competition around $69.0-69.3. It is expected that it will be difficult to return above $70, so the main idea is still to focus on high altitudes. If it can stand above $70 again, the bulls will also start to gradually return.

Overall, the idea of crude oil operation today is to focus on rebounding and shorting, supplemented by stepping back and buying long. The upper short-term focus is on the 69.8-70.3 line of resistance, and the lower short-term focus is on the 67.5-67.0 line of support.

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