On Monday (March 10) in the Asian market, US crude oil traded around $66.60 per barrel. Oil prices opened higher last Friday, but fell back from the intraday high because Trump posted on the Truth Social website that if Russian armed forces continue to launch attacks in Ukraine, he "strongly considers" imposing sanctions on Russian banks and tariffs on Russian products. This policy uncertainty may provide short-term support for oil prices, because any policy adjustments involving Russian crude oil supply may affect the supply and demand pattern of the global market.

In addition, Trump expressed his hope to negotiate with Iran to prevent it from developing nuclear weapons, but Iran made it clear that it would not be forced into negotiations. At the same time, the United States canceled Iraq's exemption from paying electricity bills to Iran, which means that the United States is still increasing its "extreme pressure" on Iran. If the United States further strengthens its energy sanctions on Iran, it may reduce Iran's crude oil exports, thereby tightening global supply and providing some support for oil prices.

From the daily level, the medium-term trend of crude oil remains in a wide upward channel, and the oil price gradually falls 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, and the lower edge of the channel has been broken. It is expected that the medium-term decline of crude oil will start soon.

The short-term trend of crude oil (1H) maintains a low consolidation, and the oil price crosses the moving average system up and down. The short-term objective trend direction is a sideways oscillation rhythm. The range of the bottom oscillation is expanded, and the range is between 68.50-65.20. It is expected that the trend of crude oil will mainly run in this range during the day. Today: 68.10 short, stop loss: 68.80, target 65.60.

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.