On Wednesday (April 15th) during Asian trading, US crude oil prices plunged by over 6% on Tuesday, currently trading around $91.15 per barrel, and may test the $90 per barrel mark during the day. Oil prices fell significantly on Tuesday, with US crude oil futures plunging 7.87% to $91.20, mainly due to market expectations that Iran would resume negotiations with the US and Israel to end the conflict that led to the closure of the Strait of Hormuz.

The international crude oil market saw a significant correction this week, primarily driven by the continued escalation of expectations for easing tensions in the Middle East. The risk premium previously driven by geopolitical conflicts is gradually being digested, and with the release of diplomatic signals, investor concerns about supply disruptions have clearly cooled. UN Secretary-General Guterres stated after meeting with Pakistani Deputy Prime Minister and Foreign Minister Dar that relevant negotiations are expected to resume, a statement seen by the market as an important easing signal.

From a daily chart perspective, crude oil prices have been repeatedly rising, supported by the moving average system, indicating an upward trend in the medium term. The MACD indicator has formed a bearish crossover above the zero line, suggesting a gradual slowdown in bullish momentum. The medium-term outlook remains bullish.

However, in the short term (1-hour chart), crude oil continues its downward trend, making new lows. The moving average system is bearish, indicating a downward trend in the short term. The MACD indicator is below the zero line, showing strong bearish momentum. Oil prices touched a new low of 87 in the early morning, continuing within the downward trend. It is expected that crude oil will continue to decline and make new lows throughout the day. In summary, the trading strategy for crude oil today is to focus on the resistance level of 98.0-103.0 and the support level of 85.0-80.0.

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.