On Monday (April 14), during the Asian session, U.S. crude oil traded around $61.25 per barrel. Oil prices rose last Friday after U.S. Energy Secretary Wright said the United States could block Iran's oil exports as part of President Trump's plan to pressure Tehran on its nuclear program. Wright's comments provided momentum for oil prices to rise.

Trump suspended heavy tariffs on dozens of other trading partners last week, but the long-term dispute between the world's two largest economies could reduce global trade volumes and disrupt trade routes, thereby dragging down global economic growth and reducing demand for oil. At present, the market focus will be on the monthly outlook of the two authoritative energy agencies: OPEC's monthly market report will be released later on Monday, and is expected to disclose the latest production and demand trends;

From the daily level of crude oil, the medium-term trend moving average system is arranged downward, and the medium-term objective trend direction is downward. After the oil price hit the low of 55.20, the frequent alternation of long and short positions was formed. In the medium term, the momentum of the short position is accumulated, and it is expected to further decline to the 50 position in the later period.

The short-term (1H) trend of crude oil remains in a narrow range of adjustment at the right shoulder position of the head and shoulders bottom reversal pattern. The current oil price has not broken through the neckline position, so the reversal pattern has not yet been established. The short-term objective trend direction is a volatile rhythm. It is expected that the crude oil trend will break through the neckline and form a small upward rhythm. Today: 59.00 long, stop loss: 55.10, 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.