On Friday (April 18) in the Asian session, US crude oil traded around $64.1 per barrel. Oil prices rose nearly 3% on Thursday. US President Trump and Italian Prime Minister Meroni expressed optimism about easing US-EU trade tensions. Trump said that "it won't be a big problem to reach an agreement with Europe or anyone else", suggesting that the two sides are expected to reach a consensus on tariffs and trade disputes, providing a positive signal for the global market.

Although oil prices have rebounded recently due to hopes for a trade agreement and news of new sanctions, the overall increase this week was about 5%, but at the same time, many institutions (including Goldman Sachs, JPMorgan Chase, UBS, etc.) have lowered their forecasts for oil prices and demand growth. The reason is that the US tariff policy and retaliatory measures by various countries have led to uncertain global trade prospects, which may lead to a slowdown in economic growth, thereby reducing energy demand. The International Energy Agency (IEA) warned that the risk of global oversupply will continue in the next few years.

From the daily level of crude oil, yesterday's oil price continued to rebound and strengthen, running above the 5-10 day moving average, the bullish force increased, and the bearish signal of the attached indicator continued to weaken. In the short term, it is expected to continue to rebound and touch the middle track line target and the 200-day moving average resistance target. However, due to the suppression of many weekly moving averages, the trend tends to move downward. Therefore, if the rebound hits the target, pay attention to the resistance and fall back.

The short-term (1H) trend of crude oil fluctuated upward, the moving average system gradually diverged upward, and the short-term objective trend direction resumed upward. The oil price touched the 64.20 line in the early trading, fell slightly, and the bullish momentum gradually increased. It is expected that the crude oil trend will continue to test the 66 line position during the day. Today: 63.00 long, stop loss: 60.30, target 66.00.

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.