On Tuesday (July 8) in the Asian session, international oil prices fluctuated slightly and crude oil is currently trading around $69.15 per barrel. Mainly affected by the dual impact of changes in US trade policy and OPEC+'s unexpected increase in production. On Monday, the US President notified several trading partners including South Korea, Japan, Serbia, Thailand and Tunisia that the United States will begin to implement higher tariffs on August 1. The news triggered a resurgence of market concerns about trade, and investors generally worried that the global economic growth will weaken the demand for crude oil.

Last Saturday, the Organization of Exporting Countries and OPEC+ allies agreed to increase daily production by 548,000 barrels in August, exceeding the increase of 411,000 barrels in the previous three months. Bitop analysts expect OPEC+ to announce a final increase of 550,000 barrels per day in September at the next meeting on August 3. OPEC+'s substantial increase in crude oil production may increase the risk of global crude oil oversupply and put further downward pressure on oil prices.

Crude oil is currently maintaining a low range of oscillation and repair in the daily trend, and the price is temporarily under pressure around 68. In the hourly trend, it began to fall after touching the previous pressure zone, and the short-term moving average began to diverge downward. If the K-line breaks the short-term moving average, there is a high probability that there will be some room for adjustment in the short-term trend. In the small-level cycle trend, the K-line is basically maintaining a good oscillating downward trend along the short-term moving average. Operation suggestion: Crude oil continues to hold last night's 68.3 short, stop loss 69, target 67-66.2

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.