During the Asian session on Friday (March 7), the price of US crude oil is currently trading around $66.3 per barrel. Overnight, international crude oil prices fluctuated and stabilized. The current oil price is affected by multiple factors, including OPEC+'s supply policy, the uncertainty of the US tariff policy, and changes in the geopolitical situation.

On Thursday, US Treasury Secretary Benson said that the US plans to impose stricter economic sanctions on Iran to force its oil exports to drop sharply, while putting pressure on the Iranian currency. Bitop analysts believe that if Iran's crude oil exports drop sharply, it may have an impact on global crude oil supply and support oil prices to stabilize. In addition, Russia said that it will not easily give up the results achieved in the Ukrainian conflict, but it is still seeking to reach a peace agreement to ensure its own security. If the situation between Russia and Ukraine tends to ease, it may reduce the risk of global supply chain disruptions, thereby affecting the trend of oil prices.

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 bears are more dominant. The medium-term trend of crude oil maintains a range of fluctuations and downward movement. Pay attention to the support of the lower edge of the channel on oil prices. If it falls below, the medium-term decline will start.

The short-term trend of crude oil (1H) is fluctuating and consolidating at a low level. It is suppressed by the 55-day moving average, and the short-term objective trend remains downward. From the perspective of form, the trend shows the embryonic form of a falling flag relay. Pay attention to the resistance of the upper edge of the flag to oil prices. It is expected that crude oil will continue to fall during the day. Today: 67.10 short, stop loss: 68.10, target 65.00.

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.