On Tuesday (May 20) in the Asian session, US crude oil rose, trading around $62.21 per barrel. Iranian state media quoted Iranian Deputy Foreign Minister Majid Takht-Ravanchi on Monday as saying that if Washington insists on Tehran stopping uranium enrichment activities, nuclear talks will end in vain. Signs that the US-Iran nuclear program negotiations have broken down offset the impact of Moody's downgrade of the US sovereign credit rating.

Oil prices are likely to remain volatile in the foreseeable future, with investors paying attention to the latest developments in tariffs, US-Iran negotiations and negotiations to end the Ukrainian war. Russian President Vladimir Putin said on Monday after a call with Trump that Moscow is ready to sign a memorandum with Ukraine on a future peace agreement and said efforts to end the war are on the right track.

Crude oil prices are consolidating above the middle track of the daily Bollinger Band, and are temporarily treated as oscillating and consolidating in the range of 60.5-63.8. The moving average indicators on the 1-hour and 4-hour cycles on the disk diverge upward, and the short-term cycle tends to be bullish. In terms of details, the resistance is focused on the 62.7 line, followed by the weekly MA10 moving average pressure point of 63.2, and the suppression range formed by last week's high of 63.8 and the upper track of the daily Bollinger Band of 64.5. Pay attention to the two nodes of the 1-hour lower track 61.2 and the daily middle track 60.5 for support. The downward deviation is the 60 integer mark. If it falls below the 60 mark, it will enter the low adjustment cycle again.

In summary, the operation strategy of crude oil today is mainly to step on the low and long, supplemented by the rebound and high. The upper short-term focus is on the 63.0-63.5 line resistance, and the lower short-term focus is on the 60.5-60.0 line support.

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.