On Thursday (May 22), in early Asian trading, US crude oil traded around $61.27 per barrel. On Wednesday, US oil rose to above $64 per barrel and then fell back due to reports that Israel was preparing to strike Iran's nuclear facilities. The U.S. Energy Information Administration (EIA) said on Wednesday that U.S. crude oil inventories, gasoline inventories and distillate inventories all increased unexpectedly in the week ending May 16. Put pressure on oil prices.

At the same time, the market remains on the sidelines about the prospects of the US-Iran nuclear agreement. According to reports, the fifth round of nuclear talks between Iran and the United States will be held in Rome on May 23. At the same time, Israel is preparing a possible strike plan against Iran's nuclear facilities, although no final decision has yet been made. In addition to the US-Iran issue, differences in the implementation of the agreement within the OPEC+ alliance also affect the market. According to an industry source, Kazakhstan's crude oil production increased by 2% in May, ignoring OPEC+'s production cut requirements, which may weaken the alliance's market regulation capabilities.

The daily crude oil market is currently in a range of 60 to 65 US dollars. The price has tested the $60 support level many times without effectively falling below it, indicating that there is a certain amount of buying support in this area. But at the same time, oil prices frequently encounter resistance when approaching $65, indicating that the upper selling pressure is heavy, the MACD indicator kinetic energy column is shortened, and the RSI is near the central axis, reflecting the lack of clear direction guidance in the market.

Overall, the operation strategy for crude oil today is mainly based on low-level longs and high-level shorts. Pay attention to the 62.5-63.5 resistance line on the upper side in the short term, and pay attention to the 60.0-59.0 support line on the lower side in the short term.

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.