On Thursday (May 15) in the Asian session, international oil prices weakened sharply, with Brent crude currently trading around $64.83 per barrel, down about 1.37%. The U.S. Energy Information Administration (EIA) said on Wednesday that U.S. crude oil inventories increased by 3.45 million barrels last week, the largest increase since March. Offsetting the relief effect brought about by the suspension of the trade war between the world's two largest economies.

Pessimistic government data has hindered the rise in oil prices. Previously, U.S. President Donald Trump's tough stance on Iranian supply had pushed up oil prices. Trump reiterated on Wednesday that Tehran cannot have nuclear weapons, while Iran's foreign minister urged the United States to take a "more realistic" attitude in nuclear negotiations. Crude oil futures prices have rebounded from the lowest closing level in four years set at the beginning of last week. So far this year, oil prices are still down more than 10%, underperforming major stock markets.

The crude oil market opened at 63.63 yesterday and then rose slightly to 63.69, then fluctuated and fell. The daily line reached a low of 62.72 and then fluctuated in the range. The daily line finally closed at 62.86 and then closed with a medium-sized negative line with a slight shadow. After this pattern ends, today's short stop loss at 63.4 is 64, and the targets below are 62.7, 62 and 61.5-61.

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.