On Tuesday (July 15) in the Asian session, U.S. crude oil traded around $66.95 per barrel. Oil prices fell nearly 3% on Monday as investors weighed U.S. President Trump's new threat to impose sanctions on Russian oil buyers, which could affect global oil supply, while investors are still worried about Trump's tariffs.

Currently, oil prices are fluctuating and adjusting amid multiple uncertainties. Trump's 50-day ultimatum has eased concerns about sanctions in the short term, but the actual risk of additional tariffs may still affect the global economy. If trade frictions continue to escalate, the demand side will face downward pressure, thereby offsetting some of the benefits of tight supply. In the medium term, if sanctions are implemented or Russia cooperates with production cuts, coupled with a decline in inventories, oil prices still have upward potential. Close attention should be paid to changes in U.S.-Russian trends and macroeconomic indicators.

The daily level of crude oil shows that the price is in a short-term downward channel, currently trading around $66.89. The price has closed negative for three consecutive trading days recently and fell below the 20-day moving average support, indicating that the short-term trend is bearish. The MACD indicator cross continues to expand, and the momentum column weakens, indicating that the downward momentum has not been fully released. However, the $65.50 area below is an important support in the early stage. Once it falls below, it will open up further room for correction.

Overall, the operation strategy for crude oil today is recommended to rebound high and supplemented by falling back to low. Pay attention to the 68.5-69.5 resistance line on the upper side in the short term, and pay attention to the 65.5-64.5 support line on the lower side in the short term.

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.