On Thursday (October 30th) during the Asian session, US crude oil prices fell slightly, failing to continue yesterday's gains. US crude oil traded around $60 per barrel. Data released by the US Energy Information Administration (EIA) showed that US crude oil inventories fell by 6.9 million barrels last week, a drop far exceeding market expectations and marking the largest weekly decline in nearly two months. At the same time, gasoline and distillate fuel inventories also declined, indicating continued strong end-consumer demand. Driven by this data, oil prices briefly touched their intraday high, and short-term bullish sentiment in the market quickly intensified.

Meanwhile, Western countries escalated sanctions on Russian energy exports again. US President Trump stated that he would continue to increase economic pressure on Moscow and implement stricter energy restrictions. The market is concerned that restrictions on Russia's main export pipelines could lead to supply shortages in European and Asian markets.

From a daily chart perspective, after three consecutive days of decline, US crude oil found support at the $60 level, showing technical signs of a rebound. Prices have climbed back above the short-term 5-day moving average, and the MACD indicator has formed a bullish crossover, indicating that short-term rebound momentum is building. Resistance is at $61.80; a break above this level would target $63.50. Support is around $59.80; a break below this level could lead to a retest of the $58 low.

The overall structure suggests that oil prices may maintain a mild rebound in the short term, but the medium-term trend remains volatile. Therefore, today's crude oil trading recommendation is: short at $61.80, stop loss at $63.50, target $59.80.

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.