In the early Asian market on Wednesday (April 23), US crude oil rose by more than 2%, trading at $64.35 per barrel. The United States imposed new sanctions on Iran's liquefied petroleum gas and crude oil transportation giants and their corporate networks on Tuesday. In addition, the surge in the stock market shows that investors' risk appetite has increased, which has also driven up oil prices.

According to market sources citing data from the American Petroleum Institute (API), as of last week, US crude oil inventories fell by about 4.6 million barrels, far exceeding the market's general expectation of a drop of 800,000 barrels. The official Energy Information Administration (EIA) inventory data will be released on Wednesday evening Beijing time. If the results further confirm the decline in inventories, it may accelerate the pace of oil price rebound.

Crude oil is currently maintaining a low-level oscillation and stronger trend in the daily trend. After continuous oscillation, the technical pattern began to gradually repair, and the K-line began to slowly stand on the short-term moving average. The price also began to slowly break through the previous row of pressure belts, tending to continue to rebound in the daily trend. Pay attention to whether there is a secondary upward trend after the retracement confirmation. At present, the hourly level trend also maintains a good upward trend.

The 1-hour trend of crude oil fluctuates upward, and the short-term objective trend direction is upward with the good support of the moving average system. From the distribution of K-lines, the short-term alternate upward trend, the repetitiveness of the upward trend is strong, and it is expected that crude oil will continue the rhythm of repeated upward fluctuations and continue to hit new highs. Today: 63.50 long, stop loss: 62.80, 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.