During the Asian session on Tuesday (October 28th), US crude oil traded around $61.28 per barrel. Oil prices closed slightly lower on Monday, weighed down by concerns about sluggish demand. Earlier this month, Brent crude oil fell to its lowest point since May, but renewed US sanctions on Russia, coupled with stronger-than-expected US demand, helped boost prices.

Sources indicate that the eight OPEC+ countries are leaning toward another small increase in December oil production at their meeting on Sunday, reversing their previous production cuts to regain market share. This has helped to curb oil prices to some extent.

On the daily chart, crude oil prices reached near 56, closing with three consecutive positive candlesticks, reversing the previous downward trend. Oil prices crossed above the moving average, signaling a shift from a downward trend to a transition period in the medium term. The MACD indicator is moving upward below the zero axis, signaling weakening bearish momentum. Crude oil is expected to rebound in the medium term, but a bullish trend has yet to materialize.

Crude oil's short-term (1H) trend continues to fluctuate and consolidate at a high level, with prices repeatedly crossing the moving average. The objective short-term trend is sideways. Prices briefly dipped below 61 before quickly recovering, leaving bullish and bearish momentum in a stalemate. Crude oil needs to re-establish its trend direction. We expect crude oil to maintain a consolidation pattern during the day, but the subjective bullish trend remains. Today: Buy at 61.00, stop loss at 60.50, target at 63.00.

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.