On Monday (November 24th) during Asian trading, US crude oil prices rose slightly, by about 0.24%, trading around $58.20 per barrel. Previously, oil prices had fallen for three consecutive trading days, with a cumulative drop of about 3% last week. International crude oil prices continued their weak trend on Monday as the market reassessed the possibility of a peace agreement between Russia and Ukraine. If a breakthrough occurs in the negotiations, restrictions on Russian crude oil flowing into the international market are expected to be eased, meaning that given the already significantly high global supply, crude oil supply may further increase.

Meanwhile, the continued production increases by OPEC+ members and the expanding production scale in the Americas have further highlighted the pressure on the supply side. Demand has not improved in tandem, therefore crude oil prices are structurally weak.

From a daily chart perspective, and in a localized context, crude oil is currently in a minor consolidation phase, with three consecutive bearish candlesticks, testing the previous low near $56. The MACD indicator has formed a death cross near the zero line, indicating a gradual increase in bearish momentum. A break below the strong support level of 56 would signal a medium-term downtrend for crude oil.

In the short-term (1-hour) chart, crude oil saw fluctuations around 57.40, but ultimately the bears prevailed. Oil prices are suppressed by the moving average system, and the short-term objective trend remains downward. The morning session saw a weak, secondary trend; based on the alternation of primary and secondary trends, it is expected that crude oil will likely continue to decline and reach new lows today. Today's strategy: Short at 58.30, stop loss at 58.80, target 57.00.

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.