During the Asian session on Friday (August 8), US crude oil traded around $63.86 per barrel. International oil prices saw minimal fluctuations, but overall this week saw a significant decline, driven by market concerns about the impact of newly implemented US tariffs on the global economy. Brent crude futures fell 3 cents to $66.40 per barrel during Friday's Asian session, projecting a weekly decline of over 4%. US WTI crude futures fell 6 cents to $63.82 per barrel, projecting a weekly decline of over 5%. This performance could mark the longest losing streak since December 2023.

Furthermore, shifts in the diplomatic situation between Russia and the US have exacerbated market uncertainty. The Kremlin confirmed on Thursday that Russian President Vladimir Putin will meet with US President Donald Trump in the coming days. Market expectations for a diplomatic solution to the Ukraine situation have dampened safe-haven demand for crude oil.

On the daily chart, crude oil prices continued their downward trend, closing in the red for six consecutive trading days, demonstrating overall weakness. The price has now fallen below the key support level of $65, approaching the $63 range, which saw multiple rebounds in May and June.

Technically, the MACD death cross continues to expand, indicating growing bearish momentum. The RSI has fallen below 40, teetering on the brink of oversold levels, but has yet to show a clear reversal. If the price continues to trade below the 9-day and 21-day moving averages, it could test the next support level of $62 in the short term. Conversely, a break above $65 would ease downward pressure. Overall, today's trading strategy for crude oil is to primarily buy on rebounds, supplemented by buying on dips. Focus on the $65.0-$66.0 resistance level on the upside and the $62.0-$61.0 support level on the downside.

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.