During Thursday's (October 9th) Asian trading session, US crude oil prices were trading around $62.1 per barrel. With the temporary cooling of tensions in the Middle East, the risk premium in the crude oil market has narrowed significantly. US President Trump announced an agreement between Israel and Hamas on the release of hostages, signaling a détente in the two-year conflict. Furthermore, data from the US Energy Information Administration (EIA) showed that national crude oil inventories had increased for two consecutive weeks. While still near seasonal lows, supply pressures are gradually accumulating. These two factors pushed US crude oil prices, after rising over 1% on Wednesday, to fall below $66 per barrel during Thursday's Asian trading session, consolidating around $62.

Sustaining high production from OPEC and its allies, coupled with continued growth in shale oil production in the Americas, further exacerbated supply pressures. Furthermore, despite temporary stability in the Middle East, the Ukrainian attack on Russian energy facilities continues to increase supply chain uncertainty.

Crude oil prices on a daily basis have continued to decline since their mid-September highs. The short-term moving averages (MA10 and MA20) have formed a clear death cross, indicating that short-term market momentum remains bearish. A further decline to the lower limit of the range cannot be ruled out.

Crude oil prices rose to 62.30 in the short term (1H), where they subsequently declined, breaking below the moving averages. The short-term objective trend is shifting. The MACD indicator's fast and slow lines are pointing downward above the zero axis, signaling a gradual strengthening of bearish momentum. With market sentiment increasing, both bulls and bears are likely to remain range-bound in the short term. Today's crude oil trading recommendation: short at 61.90, stop-loss at 62.40, target at 61.00.

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.