On Thursday (February 12th) in Asian trading, US crude oil traded around $64.87 per barrel. Oil prices rose more than 1% on Wednesday as investors worried about escalating tensions between Iran and the US. US President Trump stated on Wednesday that no final decision had been made during his meeting with Israeli Prime Minister Netanyahu, but negotiations with Iran would continue. On Tuesday, Trump stated that he was considering sending a second aircraft carrier to the Middle East if an agreement couldn't be reached with Iran.

Data from the US Energy Information Administration showed that US crude oil inventories increased by 8.5 million barrels to 428.8 million barrels last week, far exceeding the survey's expected increase of 793,000 barrels, limiting oil price gains. The Organization of the Petroleum Exporting Countries (OPEC) predicts that global demand for oil from the OPEC+ alliance will decrease by 400,000 barrels per day in the second quarter, and its data also shows a slight surplus for the quarter. OPEC+ is about to make a key decision on resuming production increases.

From a daily chart perspective, crude oil is generally trading within an upward channel. Recently, after rebounding from around $60, prices have closed with consecutive positive candles, regaining control of the 50-day and 100-day moving averages. The moving average system shows a bullish alignment, indicating a continued strong medium-term trend. Currently, the price is trading near the upper channel line, with the $64-$65 range forming a key short-term resistance zone. A decisive break above the year's high of $65.20 would open up potential for a move towards the previous high-volume trading area around $67.80.

In the short term (1-hour chart), crude oil is still trading near the short- and medium-term moving averages. Pullbacks have seen good buying support, indicating that the bulls have not yet exited. Considering both fundamental and technical factors, crude oil is expected to trade in a slightly bullish, oscillating pattern in the short term. The focus should be on buying opportunities on pullbacks. Overall, today's trading strategy for crude oil suggests focusing on the $66.0-$67.0 resistance level and the $63.5-$62.5 support level.

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.