On Wednesday (January 28th) during the Asian trading session, US crude oil traded around $62.60 per barrel. International oil prices surged by about 3% on Tuesday, mainly due to a severe winter storm sweeping across the United States, putting pressure on energy infrastructure. Analysts estimated that US oil production losses could reach up to 2 million barrels per day, accounting for about 15% of the country's total production. As a result, crude oil exports from US Gulf Coast ports briefly fell to zero on Sunday.

Furthermore, supply-side concerns also supported oil prices. Kazakhstan's largest oil field, Tengiz, is recovering slowly after an accident, and is expected to restore less than half of its normal production by February 7th. Meanwhile, geopolitical risks persist, with a US Navy carrier strike group arriving in the Middle East, exacerbating market concerns about potential supply disruptions. In industry news, three representatives from OPEC+ indicated that the alliance might decide at its Sunday meeting to continue suspending oil production increases in March, further solidifying bullish sentiment in the market. From a daily chart perspective, WTI crude oil has recently broken out of a key range, moving away from the consolidation platform that had lasted for several weeks, indicating that bulls have regained short-term dominance. On the daily chart, oil prices have consistently closed above short-term and medium-term moving averages, and the moving average system is beginning to diverge upwards, suggesting that the market trend has gradually shifted from consolidation to a bullish structure.

Crude oil's short-term (1-hour) trend has reversed upwards. The moving average system is in a bullish alignment, indicating an upward objective trend in the short term. The MACD indicator's fast and slow lines have crossed above the zero line, and it is trading at a high level above the zero line in the early morning, indicating that bullish momentum is dominant. Oil prices are currently consolidating in a narrow range at high levels in the early morning, and it is expected that crude oil will continue its upward trend throughout the day. Today's crude oil trading recommendation: Buy at 61.80, stop loss at 60.80, target 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.