On Monday (July 14) in the Asian session, US crude oil traded around $68.50 per barrel. The International Energy Agency (IEA) said last week that the market was tighter than it seemed. At the same time, investors were also concerned about US tariffs and Trump's possible announcement of further sanctions against Russia on Monday.

The current international crude oil market is in a sensitive period under the superposition of multiple variables of geopolitics and macroeconomic policies. Trump's continued pressure on tariff policies, coupled with the fact that the Federal Reserve has not reached a consensus on the interest rate outlook, has made market expectations bearish. The short-term correction of oil prices does not mean that market risks have been lifted. The reduction in OPEC's demand and Trump's new round of tariff measures are intertwined, which is exerting double pressure on medium-term oil prices.

From the daily level, crude oil fluctuates upward in the medium term to test around 78, and the K-line closes with a large real negative line. It has not yet destroyed the moving average system and is still supported. The medium-term objective trend remains unchanged. However, from the perspective of momentum, the MACD indicator crosses downward above the zero axis, indicating that the bullish momentum is weakening, and it is expected that the medium-term trend of crude oil will fall into a high-level oscillation pattern.

The short-term (1H) trend of crude oil has experienced high-level oscillations, and the bulls have shown no strength, and finally fell at the high of 67.50. The moving average system is arranged in a short position, and the short-term objective trend direction is downward. The MACD indicator opens downward at a low position below the zero axis, and the short-term momentum is sufficient. The oil price fluctuated slightly in the morning. According to the law of alternating between the primary and secondary, it is expected that the trend of crude oil will continue to be downward. On the whole, the operation strategy of crude oil today is recommended to rebound high and supplemented by falling back to low. The short-term focus on the 70.5-71.5 resistance line on the upper side and the 67.0-66.0 support line on the lower side.

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.