Crude Oil News Analysis:

On Tuesday (October 1st), international oil prices fluctuated in a narrow range during the Asian session, with WTI crude oil currently trading near $68.26 per barrel.  Oil prices fluctuated widely on Monday, but fell 17% in the third quarter as concerns that the expansion of the Middle East conflict could curb crude supply were overshadowed by worries about weakening global demand. Iran, a major oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC), could be directly involved in the escalating Middle East conflict, which provided support for oil prices.

Brent crude futures fell $0.21 on Monday to settle at $71.77 a barrel. U.S. crude futures fell $0.10 to settle at $68.17 a barrel on Monday. The U.S. benchmark fell 7% in September.

Data released by the U.S. Energy Information Administration (EIA) on Monday showed that U.S. oil demand rose to its highest seasonal level since 2019 in July, while production declined for the second time in three months.

Today, the Eurozone September CPI data, the US September ISM Manufacturing PMI, the US August JOLTs job vacancy data, and the US API crude oil inventory series data will be released. Investors need to pay close attention; in addition, continue to pay attention to news related to the geopolitical situation.

Crude Oil Technical Analysis:

The crude oil market opened at $72.19 per barrel last Friday, and then fell to $70.33 per barrel. After that, it rose and hit a weekly high of $73.29 per barrel. Then it fell back under pressure from the 10-day moving average at the weekly level and fundamentals. The weekly low was at $67.67 per barrel, and then the market consolidated. The weekly line finally closed at $69.37 per barrel, and then closed with a large negative line with a lower shadow line longer than the upper shadow line. After the closing of this form, crude oil continued to be under pressure.

Looking at the four-hour level of crude oil, the oil price trend remains in a low-level volatile consolidation, and the overall subjective direction is downward. Oil prices rebounded slightly, piercing the moving average system, and the short-term objective downward direction entered a transition period. Pay attention to the resistance effect of the upper edge of oil prices on oil prices. It is expected that crude oil will maintain a volatile range in the short term within the day.

Overall, the operating idea for today is to focus on shorting on rallies and buying long on dips. The upper short-term focus is on the resistance around 69.3-69.8, and the lower short-term focus is on the support around 67.0-66.5.

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