On Tuesday (June 10) in the Asian session, international oil prices rose slightly, and Brent crude oil once rose 0.4% to $67.38 per barrel, the highest since April 23. The negotiations between Asian powers and the United States entered the second day in London, with the focus ranging from tariffs to key material supply restrictions. The current consultations are seen as a key window to ease the risks of global supply chain tensions and economic growth slowdown. The market generally expects that if an agreement is reached, it will help curb trade concerns and drive crude oil demand growth.

In addition, OPEC supply data has also attracted market attention. According to market surveys, OPEC's overall production in May increased, but the increase was limited. Among them, Iraq has limited current output to make up for previous overproduction, while Saudi Arabia and the UAE have only increased production slightly and have not fully used their quotas. OPEC+ is accelerating its withdrawal from the previous production cut agreement. This strategic shift may lead to an imbalance between market supply and demand.

The daily level of crude oil shows that after breaking through the upper edge of the oscillation range since mid-April, the price continues to run above $65, showing a mild upward channel in the short term. The current price is above the 20-day and 50-day moving averages, indicating that bullish sentiment is dominant. The MACD indicator remains above the zero axis, and the red column begins to appear, suggesting that the momentum is increasing. If it can continue to stand firm at $65, the next resistance level will point to the early April high of $66.80. On the contrary, if the price falls below $64.20, it will return to the consolidation pattern and face the test of the 20-day moving average support.

The secondary pull-up of crude oil from the high level in the short-term (4-hour) level trend continues to maintain a stronger trend. The current range compression in the hourly level trend is relatively small, so pay attention to the short-term adjustment. In summary, the operation suggestions for crude oil are: long near 64.7-8, stop loss 64, or short near 66.5-6, stop loss 67.3.

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.