On Monday (December 2), US crude oil rose slightly in the Asian session, trading around $68.30 per barrel. The market volatility further decreased, and we need to wait for new changes in fundamentals. This week, we will pay attention to the EIA inventory data and the OPEC+ meeting. At the same time, the US non-farm data will be released this week. If the non-farm data continues to strengthen, it will continue to put pressure on the Fed's interest rate cut expectations, which is not conducive to oil price bulls.

Last week, due to the easing of sentiment in the geopolitical situation, the pressure on the supply side eased, and oil prices fell by more than 3% on a weekly basis. A monthly survey released by Reuters last Friday showed that oil prices may stagnate in 2025 because the demand outlook is overshadowed and the global supply is sufficient, which outweighs the expected boost from OPEC+'s postponement of the production increase plan.

The crude oil market opened at $68.83/barrel last week, then fell back, with the daily line reaching a low of $68.36/barrel, then pulled up, and the daily line reached a high of $69.4/barrel. After the market was sorted out, the daily line finally closed at $69/barrel, and then the market closed with a long-legged cross star pattern with equal upper and lower shadows. After this pattern ended, crude oil continued to fluctuate at a low level.

From the four-hour level, the Bollinger Bands are in a closing pattern. This week, oil prices fell under pressure at $71.3, and fluctuated back and forth in the range of 69.3-68.0. If 69.3-70.3 cannot break up, there is a high probability that oil prices will continue to break down. On the whole, the operation strategy for crude oil today is recommended to rebound high and step on low as a supplement. Pay attention to the resistance of 69.3-69.8 on the upper side in the short term, and pay attention to the support of 67.0-66.5 on the lower side in the short term.

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.