On Wednesday (February 4th) during Asian trading, US crude oil prices continued to rise, trading around $64.12 per barrel, ending Monday's decline of over 4%. Year-to-date, WTI crude has risen by nearly 10%. The direct catalyst for the oil price rebound was the renewed tensions in geopolitical situations. This series of events has caused the risk premium, which had previously subsided due to expectations of easing tensions, to be re-included in oil prices.

However, the upward trend has not fully materialized. The White House stated that US President Trump still prefers to prioritize diplomatic relations with Iran, keeping the market cautious about a full escalation of the situation. Previously, the US statement that Iran was "seriously negotiating" had already triggered a sharp drop in oil prices on Monday, showing that the market is currently highly sensitive to news changes. Supply-side factors continue to exert substantial downward pressure on oil prices. Kazakhstan's giant Tengiz oil field, which completely shut down in mid-January, has been gradually restoring production, with daily output recently recovering to nearly 20% of pre-shutdown levels.

From a daily chart perspective, after a sharp decline in the previous trading day, WTI crude oil found significant support around $61 and rebounded on Tuesday. The price has climbed back above the $63 mark, indicating that buying interest at lower levels has begun to emerge, and short-term selling pressure has been somewhat relieved.

In the short term (1H), crude oil has rebounded from its lows and resumed its upward trend. The moving average system has turned upwards, indicating a short-term upward objective trend. The MACD indicator has crossed above the zero line, with the fast and slow lines and bullish histogram showing strong bullish momentum. It is expected that crude oil will continue to rise today, but the upside potential is limited and it is unlikely to break through the previous high to reach a new high. Today: Buy at $63.30, stop loss at $62.40, target $65.00.

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.