On Tuesday (February 10th) in Asian trading, US crude oil traded around $64.47 per barrel. Oil prices rose more than 1% on Monday, mainly driven by geopolitical tensions. This followed a notice from the US Department of Transportation advising US-flagged ships to stay as far away from Iranian territorial waters as possible when passing through the Strait of Hormuz and the Gulf of Oman, raising concerns about potential disruptions to oil supplies. Approximately one-fifth of global oil consumption is transported through this strait.

Meanwhile, investors are also watching for further Western sanctions against Russian oil exports. The European Commission has proposed a complete ban on any services supporting Russian maritime crude oil exports, aimed at curbing its revenue streams used for the war in Ukraine. Bitop analysts point out that recent oil price movements will depend more on changes in risk premiums related to Iran than on pure oil fundamentals.

From a daily chart perspective, crude oil remains in a consolidation phase after the recent rebound. While oil prices have rebounded from previous lows, the overall trading range remains limited, and a clear reversal in the medium-term trend has not yet been established. Prices are currently trading near short-term moving averages, indicating a temporary balance between bullish and bearish forces. While short-term momentum has improved somewhat, significant technical resistance remains at higher levels, and the sustainability of the rebound needs further confirmation.

Crude oil's short-term (1-hour) price action has gradually rebounded to the upper limit of its trading range. In the early morning, oil prices underwent minor consolidation near this range. The short-term objective trend is upward within the range. Momentum-wise, the MACD indicator is above the zero line, indicating bullish momentum is dominant. Crude oil is expected to test the range today, but a breakout is less likely. Today's strategy: Buy at 63.90, stop-loss at 63.00, target 65.00.

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.