On Tuesday (April 1), during the Asian session, U.S. crude oil traded around $71.45 per barrel. Oil prices climbed nearly 3.5% to a five-week high on Monday due to concerns that supply could fall if U.S. President Trump fulfilled his threat to impose more tariffs on Russia and possibly attack Iran.

Bitop analysts said that when Brent crude oil's premium to U.S. crude oil fell below $4 per barrel, it would not make much economic sense for energy companies to send ships across the ocean to transport U.S. crude oil, which would lead to a decline in U.S. exports. In addition, the threat of (Trump) to impose secondary tariffs on Russian and Iranian oil is a factor that oil market participants are tracking, although he has said he does not intend to introduce these tariffs for the time being, but the greater supply risk is rising next. "

Crude oil currently breaks through the previous joint pressure zone in the daily trend, and the K line continues to maintain a relatively good oscillating upward trend along the short-term moving average. Pay attention to whether there is a secondary upward trend after the retracement confirmation on the daily line. The 4-hour level trend temporarily maintains a narrow range of high fluctuations after a wave of pull-ups.

The 1-hour trend of crude oil oscillates and falls back to a high level, and reverses upward sharply. The moving average system diverges and arranges upward, and the short-term objective trend direction is upward again. Four consecutive real positive lines pulled the oil price above 71.50. In the morning, the oil price adjusted narrowly, and the bullish momentum showed strong performance. It is expected that the crude oil trend will continue to move upward during the day. Today: 70.90 long, stop loss: 69.70, target 72.20.

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.