During the Asian session on Friday (July 4), the price of US crude oil is currently trading around $67 per barrel. Oil prices fell slightly on Thursday as investors worried that US tariffs could slow energy demand and major crude oil producers were expected to increase supply. The 90-day suspension of President Trump's tariff increase will end on July 9, and several large trading partners, including the European Union and Japan, have not yet reached a trade agreement. Oil traders are worried about the impact this will have on the economy and fuel demand.

OPEC+ is expected to agree to increase production by 411,000 barrels per day at its policy meeting this weekend, which also put pressure on oil prices. The unexpected increase in US crude oil inventories also exacerbated concerns about demand in the country. The U.S. Energy Information Administration (EIA) announced on Wednesday that domestic crude oil inventories in the United States increased by 3.8 million barrels to 419 million barrels last week. Analysts surveyed by Reuters had previously expected inventories to fall by 1.8 million barrels.

From the daily level, crude oil fluctuates upward and tests around 78 in the medium term. The K-line closes with a large real negative line, which has not yet destroyed the moving average system and is still supported. The medium-term objective trend remains upward. However, from the perspective of momentum, the MACD indicator crosses downward above the zero axis, indicating that the bullish momentum is weakening. It is expected that the medium-term trend of crude oil will fall into a high-level oscillation pattern.

The short-term (1H) trend of crude oil breaks through the upper resistance of the range and runs in an upward trend. The moving average system is arranged in a bullish pattern, and the short-term objective trend is upward. The MACD indicator opens upward above the zero axis, and the bullish momentum is sufficient. In the morning, oil prices fluctuated slightly, and it is expected that crude oil will continue to rise during the day. On the whole, the operation strategy of crude oil today is recommended to focus on low-level longs and rebound high-level shorts. The upper short-term focus is on the 69.5-70.0 line resistance, and the lower short-term focus is on the 65.5-65.0 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.