On Monday (May 19) in the Asian session, international oil prices fluctuated slightly, and Brent crude oil is currently trading around $65.18 per barrel, down about 0.15%. Last week, both major benchmark oil prices recorded a weekly increase of more than 1%, mainly boosted by the easing of global trade sentiment. The market will pay close attention to the data on industrial added value, fixed asset investment and retail sales in April to be released by major Asian countries. ANZ Bank pointed out in its report that if the data of major Asian countries is weak, it may weaken the optimism brought about by the suspension of tariffs, thereby suppressing oil prices.

In terms of geopolitical risks, Russia seized a Greek tanker that left after loading at an Estonian port, adding uncertainty to the European supply chain. At the same time, Baker Hughes data showed that the number of active crude oil drilling rigs in the United States decreased by 1 to 473, the lowest level since January, indicating that producers continue to cut capital expenditures or slow down the pace of production increases this year.

Crude oil fluctuated upward in the range last week, with the lowest price of 60 and the highest price of 63.4. The weekly line closed at 61.8. The weekly line shows that the oil price will continue to rebound, and the focus on the gains and losses of 65 is on the upside. The short-term trend of crude oil (1H) continued to fluctuate and fall to touch the 60 mark. The oil price gained certain support at 60 to form a rebound rhythm. The moving average system still suppresses the oil price, and the short-term objective trend direction remains downward.

From the perspective of momentum, the MACD indicator crosses upward below the zero axis, and the bullish momentum is strong. It is expected that after the crude oil trend rises slightly during the day, the probability of being blocked and falling again near 63.50 is high. On the whole, the operation strategy of crude oil today is recommended to rebound high and supplemented by falling back to low. The short-term focus on the 63.5-64.0 resistance line on the upside and the short-term focus on the 60.5-60.0 support line on the downside.

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.