On Monday (December 1st) in Asian trading, US crude oil traded around $59.55 per barrel, up 1.64%. The "very likely" agreement between Russia and Ukraine limited the price increase, but the Iranian Revolutionary Guard's seizure of a smuggled fuel oil tanker in the Persian Gulf boosted prices.

While OPEC and its allies' decision to suspend production increases provided short-term support for oil prices, the cumulative production from several oil-producing countries this year could still put pressure on supply in the coming months. The degree of demand recovery will determine the medium-term trajectory of oil prices. For investors, it is necessary to simultaneously assess the strength of supply implementation and the sustainability of global industrial demand.

From a daily chart perspective, crude oil is currently in a minor consolidation phase, with three consecutive bearish candlesticks testing the previous low near $56. The MACD indicator has formed a death cross near the zero line, indicating a gradual increase in bearish momentum. If the strong support level of 56 is broken, the medium-term trend for crude oil will enter a downward phase.

Crude oil's short-term (1-hour) trend remains volatile with upward fluctuations, characterized by rapid reversals and frequent shifts in bullish and bearish momentum. This morning, oil prices are supported by the moving average system, indicating a short-term upward trend. The MACD indicator is consolidating above the zero line, suggesting weakening bullish momentum. It is expected that crude oil will likely continue its volatile upward trend throughout the day. Today's strategy: Buy at 59.00, stop loss at 58.20, target 60.50.

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.