U.S. crude oil traded around $64.40 per barrel in Asian trading on Thursday (August 7). Earlier, U.S. President Trump's comments about progress in talks with Moscow cast uncertainty over whether the United States would impose new sanctions on Russia. Brent crude futures fell 1.1% to $66.89 per barrel, while U.S. crude futures fell 1.2% to $64.35. This marked the fifth consecutive day of declines for both benchmark crude oil contracts, with Brent crude closing at its lowest point since June 10 and U.S. crude at its lowest point since June 5.

Trump said on Wednesday that his special envoy, Witkov, made "tremendous progress" in his meeting with Russian President Vladimir Putin, while Washington continued preparations for the implementation of secondary sanctions on Friday. Trump has threatened to impose additional sanctions on Moscow if it fails to take action to end the war in Ukraine. Russia is the world's second-largest crude oil producer after the United States, so any potential agreement to reduce sanctions would make it easier for Russia to export more.

From a daily perspective, crude oil's medium-term trend has returned to a volatile pattern after three consecutive days of gains over the past week, but these gains have been completely offset by three consecutive days of decline. From a momentum perspective, the MACD indicator is stuck near the zero axis, indicating insufficient bullish momentum. It is expected that crude oil will enter a new range of fluctuations in the medium term.

Crude oil's short-term (1H) trend briefly rose to around 67 before encountering resistance and falling sharply again. The K-line chart has closed with consecutive large real bodies, demonstrating significant downward momentum, forming a major downward trend. The moving average system is gradually diverging downward, and the short-term objective trend is also downward. Both the objective and subjective trends are aligned. Oil prices fluctuated weakly in the morning session. Based on the principle of alternating primary and secondary trends, crude oil is expected to continue its downward trend to a new low. Today: Short at 65.40, stop loss at 66.70, target at 63.40.

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.