On Wednesday (September 10th), the international crude oil market saw a modest rebound in the Asian session, with US crude oil futures trading around $62.99. This rebound was driven by renewed tensions in the Middle East and US President Trump's call for Europe to impose tariffs to restrict Russian oil exports. Israel's attack on Hamas leadership in Doha escalated tensions, prompting Qatar to warn that peace talks could be hindered. While the news initially pushed international oil prices up nearly 2%, the gains quickly retreated after the US stated that such an incident would not occur again on Qatari territory.

In addition, market research indicates that Trump urged the EU to impose 100% tariffs on buyers from Asian countries to put pressure on Russia. Asian countries play a significant role in Russian oil exports, and if sanctions are expanded, it could impact global supply.

From a daily perspective, crude oil prices have formed a narrow range bottom after consecutive negative candlestick patterns. Oil prices have repeatedly crossed the moving average system, indicating a medium-term volatile trend. On Monday, oil prices briefly fell below the lower limit of the range, but a sustained and robust downward trend has yet to form. We expect crude oil to maintain a weak, volatile, and consolidative pattern in the medium term.

The short-term (1H) trend of crude oil has ended its downward trend, with prices repeatedly crossing the moving average. The objective short-term trend is primarily volatile. The MACD indicator is crossing near the zero axis, indicating a lack of momentum in both bullish and bearish signals. We expect crude oil to maintain a volatile pattern during the day. Overall, our recommended trading strategy for crude oil today is: short at 63.30, stop-loss at 63.80, and target at 62.00.

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.