On Thursday (April 10), during the Asian session, US crude oil rose by more than 1%, trading around $63.13 per barrel. After US President Trump said that he would suspend the tariffs he announced last week on most other economies, oil prices climbed more than 7% on Wednesday, rebounding from the four-year low hit at the beginning of the session.

The U.S. Energy Information Administration (EIA) said that U.S. crude oil inventories increased by 2.6 million barrels last week to 442.3 million barrels, while a Reuters survey showed that analysts expected an increase of 1.4 million barrels, which was bearish for oil prices. In terms of geopolitical friction, the market has recently released news that the United States will hold talks with Russia again on the Russia-Ukraine conflict this week; the United States and Iran may also negotiate directly, which will help ease the atmosphere of geopolitical tensions, and crude oil prices may be under pressure in the short term.

The U.S. crude oil market opened at 58.37 yesterday and then fell back. The daily line reached a low of 55.15 and then rose strongly due to the news that the U.S. suspended reciprocal tariffs for 90 days. The daily line reached a high of 63 and then the market was consolidated. The daily line finally closed at 62.75 and then the market closed with a long lower shadow and a large positive line. After this pattern ended, the short positions of 71.9 and 70.3 last week left the market in the early trading.

Overall, the short-term operation strategy of crude oil today is recommended to focus on the 60.5-59.9 resistance line on the upper side and the 62-63.5 support line on the lower side.

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.