On Monday (February 2nd) during the Asian trading session, US crude oil opened down more than 3%, trading around $63.20 per barrel. Latest news indicates that the US has expressed its willingness to negotiate with Iran, and the Iranian Foreign Minister stated that the contacts have been effective and that a fair agreement is possible, even in the short term. Ukrainian President Zelensky also indicated his readiness for "substantial" discussions, with the next trilateral meeting scheduled for February 4-5 in Abu Dhabi. The easing of geopolitical tensions put pressure on oil prices.

The rebound of the US dollar from a four-year low exerted some pressure on oil prices, stemming from Trump's nomination of former Federal Reserve Governor Kevin Warsh as the next Federal Reserve Chairman. A stronger dollar may suppress demand for crude oil denominated in other currencies. Industry forecasts indicate that the peak maintenance period for Russian refineries will be concentrated in January and September. Furthermore, surveys show that most analysts expect oil prices to remain around $60 per barrel this year, as the prospect of oversupply may offset supply disruptions caused by geopolitical risks.

From a daily chart perspective, crude oil prices have closed higher for three consecutive trading days, reaching a high of $66.50. The moving average system is in a bullish alignment, indicating a bullish medium-term trend. The MACD indicator is above the zero line, with bullish momentum dominating, suggesting an upward trend for crude oil in the medium term.

However, in the short term (1-hour chart), crude oil failed to make a new high and prices turned downwards, breaking below the moving average system, indicating a shift in the short-term trend. The MACD indicator's fast and slow lines have crossed below the zero line, with bearish momentum dominating. Further downward correction is expected for crude oil today. Today's strategy: Buy at $65.00, stop loss at $66.20, target $62.30.

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.