On Thursday (November 28), US crude oil fell slightly in the Asian session, trading around $68.70 per barrel. The EIA report showed that the US EIA crude oil inventory for the week ending November 22 was -1.844 million barrels, expected to be -605,000 barrels, and the previous value was 545,000 barrels. 

This supports the rebound of US crude oil bulls to a certain extent, but oil prices seem indifferent.

In addition, US consumer spending growth in October was slightly higher than expected, with consumer spending growing by 0.4% in October, while economists surveyed had previously predicted a growth of 0.3%. 

This suggests that the economy has maintained most of its strong growth momentum at the beginning of the fourth quarter, but progress in reducing inflation seems to have stagnated in recent months, further slowing the Fed's expectations for a rate cut in December, which is not conducive to oil price bulls. 

The short-term fundamentals are chaotic. Today is Thanksgiving Day, and the market volatility is limited, waiting for new changes in fundamentals.

The crude oil market opened at $69.16/barrel yesterday, and then the market rose first, with the daily line reaching a high of $70.43/barrel. Then the market rose and fell, with the daily line reaching a low of $68.15/barrel. After the market was consolidated, the daily line finally closed at $69.07/barrel. The market closed with a long-legged cross star pattern with an upper shadow slightly longer than the lower shadow. After the end, the oil price continued to be under pressure.

From the four-hour level of crude oil, the crude oil Bollinger Bands showed signs of gradual closing, and the oil price was hovering in the middle and lower tracks. After reaching $71.5, the oil price was under pressure and pulled back. At $70.3, there was a second pressure. The short trend will continue to test the support of the lower track. If it unexpectedly breaks upward, there is a high probability of stabilization. 

On the whole, crude oil is under pressure amid wide fluctuations. Today, we should pay attention to the continuation of the short position. In terms of operation, it is recommended to short on rebound and buy on pullback. In the short term, we should pay attention to the resistance of 70.0-70.5 on the top and the support of 67.5-67.0 on the bottom.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. 

It does not constitute any investment advice. The market is risky, so investing should be done cautiously.