On Tuesday (August 26), international oil prices fell slightly after a strong rebound the previous day. Brent crude futures fell 0.23% to $68.64 per barrel, while WTI futures fell 0.54% to $64.46. Despite the pullback, oil prices had already reached their highest level in two weeks, with WTI breaking through the significant resistance level of its 100-day moving average.

Monday's oil price rise was primarily driven by geopolitical conflict. Ukraine's attack on Russian energy facilities disrupted local refining and exports, leading to gasoline supply shortages in some regions. This situation exacerbated market concerns about energy supply, while expectations of increased US sanctions also provided support for oil prices.

From the daily chart of crude oil, US crude oil prices have formed a short-term upward channel after breaking through the 100-day moving average. The $64-$65 range currently constitutes key support. If prices can consolidate above this range, they are expected to test the $67-$68 resistance range. A subsequent breakout above $68 with significant volume could open up potential for a move to $70. Conversely, a break below $64 would weaken the short-term upward trend.

Overall, the recommended strategy for crude oil trading today is to primarily buy on dips, supplemented by shorting on rebounds. Focus on the $66.0-$67.0 resistance level on the upside and the $63.0-$62.0 support level on the downside.

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.