On Thursday (January 23), US crude oil continued to fall during the Asian session, trading around $75.23 per barrel. According to data from the American Petroleum Institute (API), US crude oil and refined oil inventories increased last week. According to market surveys, in the week ending January 17, US crude oil inventories (EIA) are expected to decrease by an average of 1.6 million barrels, gasoline inventories may increase by 2.3 million barrels, and distillate inventories may increase by 300,000 barrels. The expected growth in inventory data is unfavorable for oil price bulls.

The sanctions that the new Trump administration may take are still unclear, and possible tariffs on Canada and Mexico now seem to be the number one uncertainty facing traders. Therefore, the market's uncertainty about demand expectations and economic growth expectations has led to a continuous decline in oil prices, while concerns about overcapacity on the supply side are also helping oil prices to adjust downward.

From the daily level, crude oil is about to test the upper edge of the range at 78.80 in the medium term. The moving average system is arranged in a bullish pattern, and the medium-term objective trend direction is upward within the range. The K-line continues to pull up large real positive lines, and the bullish momentum is full. Pay attention to the resistance effect of the upper edge of the wide range on oil prices. If it breaks through, it will further open up the room for crude oil to rise, and the medium-term will officially enter the rhythm of rising.

The short-term trend of crude oil (1H) continues to run in the downward channel. The overall momentum of oil prices is still weak, and there is no obvious sign of rebound. Oil prices are suppressed by the moving average system, and the short-term objective trend direction remains downward. From the perspective of form, oil prices fell below the lower edge of the flag relay in the early trading, and are about to fall below 76.20 to set a new low. It is expected that the short-term trend of crude oil will maintain the downward main tone trend. Today: 76.80 short, stop loss: 77.60, target 75.50.

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.