On Tuesday (December 3), US crude oil fell slightly in the Asian session, trading around $68.05 per barrel. At present, the market's slowdown in expectations for the Fed's December rate cut has limited the rise in oil prices. 

At the same time, the US dollar index is still running at a high level, which is not conducive to the rebound of oil prices. 

The overall situation is volatile and waiting for the direction to be chosen. This week, the focus is on EIA crude oil inventories and whether the OPEC+ meeting on Thursday will postpone production cuts, thereby supporting the rebound in oil prices.

In addition, the ceasefire between Israel and Lebanon, which took effect last Wednesday, seems to be increasingly fragile. The Israeli military said on Monday that it is currently striking "terrorist" targets in Lebanon. Israel and the Lebanese armed group Hezbollah have accused each other of violating the ceasefire agreement. 

Geopolitical risks are still increasing, which also supports oil prices.

The crude oil market opened at $68.06/barrel yesterday, and then the market first pulled up, and the daily line reached a high of $69.18/barrel. Then the market fell back, and the daily line reached a low of $67.78/barrel. After the market was sorted out, the daily line finally closed at $68.23/barrel, and then the market closed with an inverted hammer pattern with a very long upward influence. After this pattern ended, the oil price continued to be under pressure.

From the four-hour level, the Bollinger Bands opened downward, and the oil price fluctuated downward and hovered below the middle track. Yesterday's rebound was again under pressure and fell back at the 69.1 line. After breaking the new low and rebounding, the probability of oil prices being under pressure again increased. 

Based on the above analysis, the overall oil price is running in a wide range of shocks and pressure, and it is expected to continue to fall today. In terms of today's operations, shorting on the rebound is considered first, and low-multiple is supplemented. Pay attention to the resistance of $68.6-69.2 on the top, and pay attention to the support of $67.0-67.5 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.