During the Asian trading session on Wednesday (October 29th), international oil prices fell for the third consecutive day, with US crude oil trading around $60.24 per barrel. In the US, the latest industry data showed a decline of approximately 4 million barrels in national crude oil inventories, with gasoline and distillate inventories also declining. However, inventories at the Cushing, Oklahoma, storage hub increased, indicating a regional divergence in supply and demand.

Overall market sentiment remains pessimistic. Oil prices have fallen for three consecutive months, with investors concerned about a potential global oversupply. OPEC+ is expected to meet this weekend, and the market generally expects the organization to approve further production increases.

On the daily chart, crude oil prices have closed lower for three consecutive days, breaking below the key support level of $60.50, turning negative in the short term. The MACD indicator continues to diverge downward, indicating growing bearish momentum. The RSI remains near 40, not yet entering oversold territory, suggesting further downside potential for oil prices. A further drop below $59.80 could trigger a new downward move towards the $58 level. Conversely, a retest of $61.30 could trigger a short-term rebound, with resistance levels located between $62.50 and $64.

Overall, oil prices are bearish in the short term. In the medium term, we should monitor the outcome of the OPEC+ meeting and the direction of the Federal Reserve's interest rate policy. In summary, today's crude oil trading recommendation: short at $60.70, with a stop-loss at $61.40 and a target at $59.00.

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.