On Thursday (March 13), in the Asian market, US crude oil traded around $67.68 per barrel. According to the US EIA data, US crude oil inventories increased by 1.4 million barrels last week, which was expected to increase by 2 million barrels. US gasoline inventories decreased by 5.7 million barrels, which was expected to decrease by 1.9 million barrels, and the decline in distillate oil inventories was also greater than expected. The decline in refined oil inventories boosted oil prices.

The Organization of Petroleum Exporting Countries (OPEC) maintained its forecast of relatively strong growth in global oil demand in 2025 on Wednesday, saying that aviation and road travel will support oil consumption. At the same time, OPEC believes that the impact of US tariff policies on energy demand remains to be further observed.

From the daily level, crude oil has a medium-term trend that remains in a wide upward channel, and oil prices have gradually fallen back to the lower edge of the channel. There have been many cases where one trading day has swallowed up all the gains in the previous week, and the short-selling forces are more dominant. The medium-term trend of crude oil maintains a range of oscillations and downward movement. The lower edge of the channel has been broken, and it is expected that the medium-term decline of crude oil will start soon.

The short-term trend of crude oil (1H) continues to consolidate at a low level. The oil price gradually tests from the bottom of the range to the upper edge of the range, and the range range is between 68.50-65.20. The short-term objective trend direction is oscillating rhythm. It is expected that the trend of crude oil will be resisted at the upper edge of the range during the day, and the probability of falling back downward is high. Today: short at 68.30, stop loss: 68.70, target 66.90.

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.