On Thursday (February 5th) in Asian trading, US crude oil traded around $64.33 per barrel. Oil prices fluctuated significantly throughout the day. Initially, media reports suggested that the scheduled US-Iran talks on Friday might fall through, pushing up geopolitical risk premiums. Subsequently, a US official confirmed that the US-Iran nuclear negotiations would still be held as planned in Oman on Friday. Continued market concerns about potential disruptions to oil transport through the Strait of Hormuz were a key factor supporting oil prices above fundamental levels. Analysts pointed out that if the situation escalates, not only will Iran's own crude oil supply face risks, but its control over this crucial waterway will also threaten global oil flows.

On the fundamental data front, data from the US Energy Information Administration showed that crude oil inventories fell by 3.5 million barrels last week, exceeding analysts' expectations but less than the decline previously reported by the API (American Petroleum Institute), limiting further upside potential for oil prices. Meanwhile, India's crude oil imports from Russia continued to decline in January.

From a daily chart perspective, crude oil prices ended their consecutive positive closes, with the candlestick closing as a large bearish candle. The moving average system remains aligned with the bullish trend, and the medium-term objective trend remains bullish. The MACD indicator is above the zero line, indicating that bullish momentum is dominant, and crude oil is expected to continue its upward trend in the medium term.

In the short term (1-hour chart), crude oil rebounded as expected, with bullish momentum still dominating. The moving average system provides effective support for oil prices, and the short-term objective trend remains upward. Oil prices experienced minor fluctuations in the morning session, but based on the alternation of primary and secondary price movements, crude oil is expected to continue its upward trend throughout the day. Today: Buy at 63.80, stop loss at 63.00, target 65.80.

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.