On Friday (June 6), in the early Asian market, U.S. crude oil traded around $63.20 per barrel. Oil prices closed higher on Thursday, recovering from the previous day's decline as Trump called trade discussions with Chinese leaders "positive" and trade was good. However, Saudi Arabia, the world's largest oil exporter, cut its July prices for Asian crude oil buyers to the lowest level in nearly two months, curbing the rise in crude oil prices.

In addition, whether OPEC+ will continue to release more idle production capacity has become the next focus of market attention. It is reported that Saudi Arabia may push to maintain the current pace of production increases to regain market share. The organization and its allies plan to hold a meeting on July 6 to discuss production policies in the second half of the year.

The U.S. crude oil market opened at 62.88 yesterday and then fell back. The daily line reached a low of 62.65 and then the market rose strongly. The daily line reached a high of 64.13 and then the market fell under pressure. The daily line finally closed at 63.4 and the market closed with a long upper shadow line. After this pattern ended, the short position of 64 yesterday was reduced and the stop loss was followed at 64.4. Today, the short stop loss of 63.9 was 64.4, and the target below was 63.2, 62.8 and 62.4.

This article is planned by the analysts of the Bitop Market Observation Team. The content is only for sharing personal opinions. The analysis is time-sensitive and is for reference only. It does not constitute any relevant investment advice. Investment is risky, so be cautious when entering the market!

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.