Crude oil traded around $68.12 per barrel in the Asian session on Wednesday (July 9), and oil prices rose to a two-week high on Tuesday. The decline in US production prospects has driven up oil prices, and affected by the intensified tensions in the Red Sea, oil prices have also risen along with other commodity prices.

According to the latest forecasts from the U.S. Energy Information Administration (EIA), falling oil prices have prompted producers to slow production activities this year, and US oil production in 2025 will be lower than previously expected. In the Red Sea, three seafarers from the Eternity C, a bulk carrier flying the Liberian flag and operated by Greece, were killed in a drone and speedboat attack near Yemen. This is the second incident in a day after months of calm. The Red Sea attacks have forced ships carrying oil, liquefied natural gas and other energy products to detour to avoid the area, driving up energy costs.

Crude oil is currently showing a continued rebound K-line on the daily trend and continues to maintain a stronger oscillating trend along the short-term moving average. The current range of the 4-hour trend is relatively small, and the current short-term moving average is basically in a state of adhesion. The volatility of the short-term trend may not be too large, and the intraday range may be compressed between 70-67. Pay attention to the short-term adjustment. Operation suggestions: long near 67.1-2, stop loss 66.4, or short near 69.5-6, stop loss 70.3.

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.