On Thursday (January 2), US crude oil continued to rise in the Asian session, trading around $72.20 per barrel. Data released by the U.S. Energy Information Administration (EIA) on Tuesday showed that U.S. oil production increased by 259,000 barrels per day in October to a record high of 13.46 million barrels per day due to a surge in demand, reaching the strongest level since the epidemic. The market believes that supply may tighten next year, depending on the policies of President-elect Trump, including sanctions. At present, concerns about supply in 2025 still exist, but in the short term, oil prices have risen due to expectations of a rebound in demand.

In addition, President-elect Trump called on Russia and Ukraine to immediately cease fire and may re-implement the so-called maximum pressure policy on Iran, which may have a significant impact on the oil market. This trading day will usher in the number of initial jobless claims in the United States and EIA inventory data. Be careful of a high and fall after the data is released.

Crude oil is currently continuing to maintain a relatively good oscillating upward trend along the short-term moving average on the daily trend. There are signs that the price has begun to gradually move out of the oscillation range. In the short term, pay attention to the support band around 71.5.

On the 4-hour level, the K-line basically sticks to the short-term moving average to maintain a relatively good oscillating upward trend. After the price moves out of the previous high-level oscillation range, pay attention to whether there is a retracement confirmation. Pay attention to the short-term adjustment and repair. Operation suggestion: long around 71.6-7, stop loss 70.9, target 73-73.8.

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.