On Wednesday (July 2) in the Asian session, international oil prices fluctuated narrowly and are currently trading around $67.13 per barrel. The market remained cautious before the OPEC+ meeting this week, waiting for its decision on crude oil production in August. Manufacturing data from Asian countries boosted the outlook for crude oil demand. Private survey data released on Tuesday showed that manufacturing activity in Asian countries expanded in June, and Bitop analysts pointed out that this supported demand from the world's largest oil importer.

The US non-farm payrolls data to be released on Thursday will determine the market's expectations for the extent and pace of the Federal Reserve's interest rate cuts in the second half of this year. Lower interest rates typically stimulate economic activity, thereby driving up oil demand. In addition, it is necessary to pay close attention to the upcoming trade negotiations and the July 9 tariff decision deadline set by US President Trump. Trump said on Tuesday that he would not consider extending the deadline, which has heightened trade concerns and may weigh on market sentiment.

The daily level of crude oil shows that the price has been maintained in a range of fluctuations above $65 recently, and the short-term moving average tends to flatten, indicating a stalemate between long and short positions. The 14-day relative strength index (RSI) is near 50, indicating that the market has not yet shown obvious overbought or oversold signals. The initial support level below is $64.20, which may trigger a further correction if it falls below; the upper resistance level is near $66.80, which may test the $70 mark if it breaks through this level.

The short-term trend of crude oil (1H) continues to fluctuate and consolidate in a narrow range within the range, and the oil price falls back to the lower edge of the range, paying attention to the support strength of 64.2. In terms of momentum, the MACD indicator is at the zero axis position, and the long and short forces are equal. It is expected that the trend of crude oil will maintain a fluctuating consolidation pattern during the day. On the whole, He Bosheng recommends that the operation strategy of crude oil today is mainly based on rebounding high altitudes, supplemented by falling back to low longs. Pay attention to the resistance of 67.5-68.5 on the upper side in the short term, and pay attention to the support of 63.5-62.5 on the lower side in the short term.

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.