WTI crude oil saw a slight rise during the Asian session on Tuesday (October 14th), currently trading around $59.75 per barrel. This rise was primarily driven by signs of easing global trade sentiment, temporarily easing market concerns about global fuel demand.

In addition, the US President's announcement on Monday that the two-year Gaza conflict was ending reduced the geopolitical risk premium in the Middle East, partially limiting further upward movement in oil prices. On the supply side, OPEC and its allies stated in their monthly report that as OPEC+'s planned production increase progresses, the global crude oil market supply gap is expected to narrow significantly by 2026. This suggests that the market may gradually shift from a tight supply to a balanced one.

On a daily chart, WTI crude oil has established temporary support at $59. In the short term, the price remains above the lower Bollinger Band, indicating that bearish momentum is weakening. The 20-day moving average, near $61.20, is the main resistance for a short-term rebound. If the price breaks through this range, it could open up upside potential towards $63.50. Conversely, a break below $58.80 would increase the risk of a drop to $57.

The MACD indicator shows a shortening of the red bar and a flattening of momentum, suggesting a short-term consolidation pattern pending further clarity on the outcome of the trade negotiations. In summary, today's crude oil trading recommendation: go long at 58.90, stop-loss at 57.80, and target at 60.60.

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.