On Thursday (March 6) in the Asian market, U.S. crude oil traded around $66.43 per barrel, and oil prices fell for the fourth consecutive trading day on Wednesday. The U.S. Energy Information Administration (EIA) said on Wednesday that crude oil inventories increased by 3.6 million barrels to 433.8 million barrels in the week ending February 28, while analysts in a Reuters survey expected an increase of 341,000 barrels. The increase in crude oil inventories exceeded expectations, while gasoline and distillate inventories fell due to increased product exports caused by spring maintenance of refineries. This dragged down oil prices.

Oil prices are facing a challenging situation, mainly affected by trade tensions between the United States and its major partners. The uncertainty caused by the imposition of tariffs and corresponding retaliatory measures is eroding global confidence and may slow global economic activity, thereby weakening oil demand. At present, factors such as the measures taken by the Trump administration of the United States to continue to suppress oil prices and the decision of OPEC+ to gradually increase production as planned have led market expectations. The continued decline in oil prices has begun to force more and more institutions to consider lowering their expectations for oil prices in 2025.

From the daily level, the medium-term trend of crude oil remains in a wide upward channel, and oil prices gradually fall back to the lower edge of the channel. There have been many cases where one trading day swallowed up all the gains in the previous week, and the short-selling forces are more dominant. The medium-term trend of crude oil maintains a range of oscillations and downwards. Pay attention to the support of the lower edge of the channel for oil prices. If it falls below, the medium-term decline will start.

The short-term trend of crude oil (1H) continues to fall and hit a new low, and the oil price hits 65.20. The moving average system suppresses oil prices and diverges downward. The short-term objective trend direction remains downward. The strength of this round of decline is strong, and the strength of the oil price rebound is weak. Keep the trend in mind. It is expected that crude oil will continue to move downward during the day. Today: short at 67.00, stop loss: 67.50, target 65.30.

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.