On Friday (April 25) in the Asian market, US crude oil traded around $62.84 per barrel. Oil prices rose slightly on Thursday, but the weekly decline was still 2%. WTI crude oil rose 6 cents to $62.85 per barrel, a cumulative decline of 2.9% this week. According to market surveys, several representatives of OPEC+ member countries proposed this week that the alliance should speed up the recovery of crude oil production in June. This is the second consecutive month that this issue has been raised. This news has caused the market to begin to reassess the balance of crude oil supply and demand.

Oil prices are currently at a critical turning point of "strong supply and weak demand". On the one hand, the potential return of supply from OPEC+, Russia and Iran constitutes triple pressure, breaking the market's previous expectation that "limited supply supports oil prices". On the other hand, the unresolved trade frictions and the gradual strengthening of signals of slowing economic growth in the United States and Europe have put pressure on crude oil demand. In the short term, oil prices may maintain a volatile and weak pattern. We need to focus on the progress of the Iran nuclear negotiations and whether the OPEC+ June meeting will formally propose a plan to increase production.

The oscillation range of crude oil has basically not changed. The 63.2 pressure point is still used to judge the strength of the intraday trend. The upper resistance is also the two nodes of 63.8 and 64.3. The tendency is to look at the suppression range formed by this week's high of 64.8-65.2. In terms of support, first look at the lower track of the 4-hour parallel channel from 61.1 to 61.9. The lower track of the 4-hour Bollinger band is at 61.6. This week's low of 61.5 determines the rise and fall. If it breaks down, look at the 60 integer mark.

The daily line situation cycle trend is bullish and the support point is at 59.1. If it breaks down again, it is very likely to accelerate the decline. The two nodes of 58.2 and 56.8 are referenced below. In summary, today's crude oil focuses on the upper resistance of 63.50 US dollars. Rebounds rely on the resistance below here to continue shorting, and then look at the 61.50 US dollar line below!

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.