In early Asian trading on Wednesday (October 8th), US crude oil traded around $62.15 per barrel. Oil prices rebounded slightly on Tuesday, primarily driven by OPEC+'s latest decision to increase production by 137,000 barrels per day starting in November, far below the market's initial expectations of 500,000 barrels per day. OPEC+'s modest production increase reflects its cautious approach to market supply and demand.

In addition, data showed that US crude oil inventories increased by approximately 2.8 million barrels in the week ending October 3rd, far exceeding market expectations of 2.3 million barrels, following a 3.7 million barrel decline in the previous week. In contrast, gasoline inventories fell by 1.3 million barrels, and distillate inventories (including diesel and heating oil) decreased by 1.8 million barrels, indicating that end-consumer demand remains strong, providing support for oil prices.

From a daily perspective, crude oil prices have fallen below the lower limit of the range, indicating a downward medium-term trend. Prices are fluctuating near the lower limit of the range. The MACD indicator's fast and slow lines are below zero, indicating a dominant bearish trend. We anticipate a high probability of a volatile downward trend in the medium term.

Overall, crude oil is experiencing minor consolidation in the short term (1H), with prices supported by the moving average system, indicating an upward trend in the short term. Bullish activity in crude oil was weak in the morning session, but downward momentum has yet to materialize. We anticipate a continued upward trend after a correction in crude oil prices. Overall, today's trading strategy for crude oil is primarily focused on rebounds and short-term buying, supplemented by dips and pullbacks. Focus on resistance at 63.5-64.5 in the short term, and support at 61.0-60.0 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.