On Thursday (May 29) in the Asian session, oil prices rose slightly, with US crude oil trading at $62.62 per barrel.The US Trade Court ruled on Wednesday that President Trump's comprehensive tariffs on trade surplus countries exceeded his authority. The ruling boosted risk appetite in global markets and eased investors' concerns about trade concerns.

The market is also paying attention to the weekly inventory reports of the American Petroleum Institute (API) and the Energy Information Administration (EIA) to be released on Thursday. According to market sources, US crude oil and gasoline inventories fell last week, while distillate inventories rose. Previously, the market generally expected crude oil and distillate inventories to rise and gasoline inventories to fall. At that time, it may affect oil price fluctuations, and investors need to pay close attention.

From the daily level of crude oil, the current price has broken through the upper edge of the short-term fluctuation range and stood firmly above the 60-day moving average, showing signs of a strong rebound. The MACD indicator formed a golden cross, and the red column continued to expand, indicating that the bullish momentum is gradually increasing. If it can effectively break through the $63 mark in the future, it will be expected to test the previous high support level near $66; the key support level below is $60. Once it is lost, the short-term upward trend may be tested.

Overall, the short-term trend is bullish, but we need to be wary of the correction pressure caused by changes in fundamental risks. In summary, today's oil price short-term focus on the support near 61.7-61.5 below, continue to maintain the rhythm of falling back to low and long during the day, and be cautious about short positions against the trend.

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.