On Tuesday (November 4th) during Asian trading hours, US crude oil fell slightly by about 0.1%, trading around $61 per barrel. OPEC and its partners announced on Sunday that they would suspend their production cut plan starting in the first quarter of 2026, citing an expected seasonal slowdown in oil demand by then. This decision comes as the market widely predicts a supply glut next year, which could further depress oil prices. Over the past three months, US crude oil prices have fallen by about 9%.

Overall, technical indicators support a mild short-term rebound, but the medium-term outlook remains constrained by fundamental pressures from oversupply. Meanwhile, the market is also affected by geopolitical risks. A Ukrainian drone recently attacked the Black Sea port of Tuapse, causing an oil tanker to catch fire and damaging loading facilities. Sources revealed that local refineries have been forced to suspend crude oil receiving. At the ADIPEC energy conference in Abu Dhabi, executives from several major energy companies also expressed concerns about supply risks.

The daily chart for US crude oil shows prices consolidating within a range of $59 to $63 recently, forming a clear trading range. Prices are currently trading above the 9-day exponential moving average (EMA), indicating slightly positive short-term momentum. However, the 14-day Relative Strength Index (RSI) is still hovering around 50, suggesting a balance between bullish and bearish forces.

If oil prices can effectively break through the resistance zone above $63, it could open up upward potential towards $65; conversely, a break below the $59 support level could lead to a return to a bearish trend. Therefore, today's crude oil trading recommendation is: Buy at $61.70, stop loss at $59.30, target $63.00.

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.