On Monday (April 27th) during Asian trading, US crude oil rose nearly 2%, trading around $96.15 per barrel. The core factor driving the price rebound was uncertainty on the supply side, particularly the continued tension in the Middle East, which has raised new concerns about the stability of global energy supply.

US President Trump canceled his special envoy's planned visit to Islamabad, while the Iranian Foreign Minister has arrived in Pakistan, indicating that related negotiations remain stalled. Significant differences remain regarding the issue of blocking the Strait of Hormuz, and geopolitical risks continue to escalate. It is worth noting that the Strait of Hormuz handles approximately 20% of global seaborne crude oil transport, and its obstruction has a critical impact on the global supply chain.

From a daily chart perspective, crude oil maintains an upward trend, with prices continuing to trade within a medium-term upward channel. Short-term support is around $92.50, while key resistance is concentrated at the $98.00 level. In terms of momentum, bullish forces still dominate, but the pace of the rise has slowed. Crude oil prices have repeatedly crossed the moving average system in the short term (1H), indicating a volatile short-term trend. In the morning session, oil prices rebounded from 92.70. Momentum-wise, the MACD indicator is about to cross above the zero line, suggesting a weakening of bearish momentum. It is expected that crude oil will maintain a high-level range-bound movement throughout the day, fluctuating between 98.40 and 92.40. In summary, the recommended trading strategy for crude oil today is to primarily sell on rallies and secondarily buy on dips. The short-term resistance level to watch is 100.0-103.0, and the short-term support level is 93.5-90.0.

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.