On Friday (November 29), OPEC+ postponed the December online meeting to December 5 (next Thursday) on the grounds that the Gulf Summit will be held in Kuwait on December 1, which conflicts with the originally planned meeting time. Oil prices fell after the news came out. Because investors are worried that although the postponement of the meeting is due to time conflicts on the surface, it is likely that there was no consensus on production cuts in the early stage. The UAE's plan to increase oil production in January 2025 is one of the problems that need to be solved. At that time, the decision to increase the UAE's 2025 production benchmark was made before finally reaching an agreement to extend the voluntary production cut time, but the oil price plummeted in the short term as soon as the meeting ended. How OPEC+ coordinates different internal opinions to form a joint force to stabilize the market is also worth paying attention to.

In addition, the Russian-Ukrainian geopolitical level disturbed the market again last night. Russia stepped up its missile strikes on Ukraine, causing serious damage to Ukraine's energy facilities. The Russian president said that he might continue to use medium-range ballistic missiles to respond to Ukraine's attacks. After the news, oil prices rebounded again from the intraday low. However, as the time is approaching the Western holiday, the market transaction is light, and the oil price has continued the shock consolidation in the past few trading days. Investors need to pay attention to the rhythm and participate cautiously.

From the daily level of crude oil, the medium-term trend of oil prices has fallen again to the lower edge of the wide range, testing the lower edge of the range, and the range range is between 78.80-65.50. The medium-term objective trend has not yet escaped the range, and it is downward within the range. It is expected that the medium-term trend will still maintain the range of fluctuations.

The short-term trend of crude oil in 1 hour is adjusted in a narrow range within the range, and the trading is light during the Thanksgiving holiday. Oil prices cross the moving average system up and down, and the short-term objective trend direction bullish momentum is stalemate. There are signs of gradual narrowing of the range volatility. It is expected that the short-term trend of crude oil will still maintain the range operation during the day, waiting for the breakthrough direction. Today's operation suggestion: 69.40 short, stop loss: 70.40, target 68.20.

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.