On Friday (March 28), during the Asian session, U.S. crude oil traded around $69.85 per barrel. Oil prices have maintained an upward trend since March as the Trump administration's sanctions and tariffs have increased the possibility of supply disruptions in oil-producing countries such as Iran and Venezuela. However, as the White House pushed forward the imposition of tariffs on automobiles and threatened to impose harsher penalties on the EU and Canada if they joined forces against the United States, the intensifying trade war dragged down stock market performance and limited oil price gains.

From the supply side, OPEC+ plans to gradually restore previously suspended production capacity next month, which is the beginning of its series of production increase plans. In addition, the unevenness of the global economic recovery has further exacerbated uncertainty on the demand side, especially when trade concerns may drag down industrial activity.

From the daily level, crude oil continued to fluctuate around the low secondary level after falling below the lower edge of the range. Oil prices rose in a short period of time and broke through the suppression of the moving average system, and the medium-term objective trend entered a transition period. However, from the perspective of kinetic energy, the kinetic energy of both sides has not yet overwhelmed one side. It is expected that the medium-term trend will still maintain a period of oscillation rhythm, waiting for the establishment of a clear trend direction.

The short-term trend of crude oil (1H) has not set new highs continuously, and has become a high-level oscillation and consolidation rhythm. The short-term objective trend is still upward. In the morning, the oil price adjusted narrowly at a high level, showing a secondary rhythm as a whole, and the internal rhythm is good. The basic objective trend during the week is synchronously upward. According to the law of alternation between primary and secondary, it is expected that the short-term trend of crude oil will continue to move upward within the day. Today: 69.60 long, stop loss: 69.00, target 71.00.

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.