On Tuesday (April 29) in the Asian market, international oil prices fluctuated slightly and fell. US crude oil is currently trading around $61.70 per barrel, down about 0.55%. As global trade concerns continue to heat up, investors' expectations for global crude oil demand growth have been significantly lowered. According to sources, several members within OPEC+ plan to propose accelerating production increases for the second consecutive month in June. If exporting countries increase production, a sharp drop in oil prices will become more likely.

In addition, according to preliminary surveys, US crude oil inventories may increase by about 500,000 barrels in the week ending April 15. The American Petroleum Institute (API) will release preliminary inventory data on Tuesday, while the official Energy Information Administration (EIA) will release final data on Wednesday. The global crude oil market is facing a double blow. On the one hand, trade concerns suppress demand growth, and on the other hand, the supply side is expected to accelerate. The two-way pressure has caused oil prices to be under significant pressure in the short term.

Since January 15 this year, the trend of oil prices has formed a continuous downward trend. The recent upward fluctuations failed to reach the resistance range of around $66 per barrel, which further consolidated the dominance of selling pressure and made the downward trend the most important technical pattern in the short term.

The short-term (1H) trend of crude oil fell and adjusted, and the oil price touched around 61.50. The moving average system gradually diverged downward, and the short-term objective trend direction was downward. In the morning, the oil price fluctuated and consolidated at a low level, showing a secondary rhythm. MACD stopped the fast and slow lines and crossed the zero axis and opened downward. The short-selling momentum was full. It is expected that the crude oil trend will continue to fall to a new low during the day. Today: 62.50 short, stop loss: 63.20, target 61.00.

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.