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[Bitop Review] global trade uncertainty puts pressure on oil prices. Today's crude oil market analysis!

2025年07月10日发布

On Thursday (July 10) in the Asian session, international oil prices fluctuated narrowly, and Brent crude oil is currently trading at $70.14 per barrel. International oil prices continued to fall in early trading on Thursday, mainly because the new round of tariff plans announced by US President Trump made the market worry that the global economy may face further slowdown.

 

The minutes of the Fed's meeting held on June 17-18 showed that only "a few officials" supported an early interest rate cut in July. This signal was interpreted by the market as monetary policy still tending to be cautious. The increase in financing costs in a high-interest rate environment will directly suppress the willingness of enterprises to expand and further suppress crude oil consumption.

 

From the daily level, after a brief rebound, crude oil prices were blocked at the integer mark of $70, and closed with a long upper shadow for three consecutive trading days, indicating significant pressure from above. The current price is running below the 20-day and 50-day moving averages. The MACD indicator shows signs of a dead cross, and the momentum column is gradually shortening, indicating that the bullish momentum is weakening. If WTI cannot effectively break through the $70.50 resistance level, it may continue to fall to the $67.20 support area in the short term. If the subsequent price falls below this support, the possibility of testing the previous low of $65.80 cannot be ruled out.

 

Based on the above, today's crude oil recommendation is to short at high levels and to go long at low levels. Crude oil strategy: short in batches when the rebound reaches 68.8-69.3, defend 70.0, and target 67.8-67.3-66.8.

 

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.