On Wednesday (April 2), during the Asian session, oil prices fell slightly, with U.S. crude oil trading around $71.23 per barrel. Due to the release of API crude oil inventory data for the week ending March 28 in the morning, an increase of 6.037 million barrels was recorded, which was expected to decrease by 2.06 million barrels, and the previous value was a decrease of 4.599 million barrels.

The market will pay attention to the OPEC+ Ministerial Committee policy review meeting held on April 5. Sources told Reuters that OPEC+ is expected to increase daily production by 135,000 barrels in May. OPEC+ has agreed to increase production by a similar amount in April. This has exacerbated market concerns about future oversupply.

From the perspective of crude oil four-hour level, the Bollinger Bands open upward, and the oil price is running above the middle and upper track. After breaking the previous high, the oil price is in a correction. After breaking 68.5, the oil price has formed a long-short reversal, and the bottom is basically completed. After the market adjustment, the oil price is expected to continue to be bullish again.

The 1-hour trend of crude oil fluctuates at a high level under the support of the moving average system. The short-term objective trend direction remains upward. In the morning, the oil price fell back to around 71.30. The range of the correction is limited and the intensity is relatively mild. It is expected that the short-term trend of crude oil will continue to consolidate, and the probability of running upward again is relatively high. Today: 70.50 long, stop loss: 69.70, target 72.00.

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.