On Monday (June 9) in the Asian session, international oil prices fluctuated narrowly, and US crude oil is currently trading around $61.60 per barrel. The crude oil market continued to maintain its strength in early trading on Monday, mainly benefiting from the market's optimistic expectations brought about by the upcoming trade consultations between Asian countries and the United States in London. This consultation is the first meeting of the economic and trade consultation mechanism established by the Asian power and the United States. The participants include three core economic advisers of former US President Trump. The establishment and launch of this mechanism are generally regarded by the market as an important signal of the rebound in global trade sentiment.

At the same time, the US non-agricultural increase of 139,000 in May hit a new low since February, and the data for the first two months was significantly revised down by 95,000, with an unemployment rate of 4.2%, which further increased the possibility of the Federal Reserve's interest rate cut, which is good for risky assets such as crude oil.

The daily level of crude oil shows that the price is supported near the 60-day moving average and remains in an upward channel. The upward fluctuation. Currently, crude oil is trading above $64.50, and the short-term moving average is in a bullish arrangement. The MACD indicator maintains a red column and large volume state, indicating that bullish momentum is still dominant.

The short-term (1H) trend of crude oil broke through the upper resistance of the range, and the oil price touched around 64.50. The moving average system is arranged in a divergent upward direction, and the short-term objective trend is upward. The trend fluctuated narrowly in the early trading. From the perspective of momentum, the MACD indicator is at a high level above the zero axis, and bullish momentum is dominant. According to the law of alternating between primary and secondary, it is expected that the trend of crude oil will continue to rise to a new high during the day. On the whole, the operation strategy of crude oil today is recommended to focus on low-level longs and rebound high-altitudes. The upper short-term focus is on the 65.0-66.0 line resistance, and the lower short-term focus is on the 61.0-60.0 line support.

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.