During Friday's (August 29th) Asian trading session, US West Texas Intermediate (WTI) crude oil fell slightly by 0.75%, currently trading around $64.10 per barrel. Market concerns are rising that US pressure on India could disrupt supply chains. This week, US President Trump announced he would raise tariffs on some Indian imports to 50%. This policy directly targets India's purchase of discounted Russian crude oil, weighing on oil market sentiment.

Geopolitically, Russia launched missile and drone attacks on Ukraine on Thursday, killing at least 21 people in Kyiv. Meanwhile, Ukraine said it used drones to strike two Russian refineries. Escalating conflict could pose supply risks, providing some short-term support for oil prices.

Based on the daily crude oil chart, WTI crude oil has established temporary support around $63, but significant pressure is evident in the $65 to $66 range. Technical indicators show a flattening of short-term moving averages, a narrowing MACD, and a neutral RSI, suggesting a lack of clear market direction. If the price breaks through $66, it could potentially rise to $68; however, if it falls below $63, it could retest $60.

The overall market is range-bound, awaiting further guidance from fundamental news. Overall, the recommended strategy for crude oil trading today is to buy on dips. The recommended long position is on a pullback below $64.00-63.80, with a stop-loss at $63.30 and a take-profit at $65-64.50.

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.