On Wednesday (June 25) in the Asian session, US crude oil traded around $65.12 per barrel. US oil fell 3% on Tuesday, hitting a two-week low, as the market expected that the ceasefire between Israel and Iran would reduce the risk of supply disruptions in the Middle East. However, the foundation of the ceasefire agreement is not solid. US President Trump accused Israel and Iran of violating the ceasefire agreement a few hours after the ceasefire agreement was announced.

The latest data from the American Petroleum Institute (API) showed that US crude oil inventories fell by 4.23 million barrels in the week ending June 20, far exceeding the market's expected decline of 2.5 million barrels, indicating that refinery demand continued to be strong. The API inventory data is obviously bullish for oil prices, and short-term fundamentals are supported. Investors also need to pay attention to the EIA crude oil inventory and EIA strategic oil reserve inventory announced tonight, which may affect market fluctuations.

The daily level of crude oil shows that oil prices are supported at the $65 mark. The rapid correction in the previous two days made the technical indicators bearish, but the current K-line began to close the lower shadow, and the MACD green column weakened, indicating that the downward momentum slowed down. If it remains above $64.50 in the short term, it may rebound to challenge the previous resistance of $68.50; if it breaks below this support, it may continue to fall back to the low point area of $62.80.

The short-term (1H) trend of crude oil continued to fall slightly, and its downward range was limited. The oil price hit a low of 64. The moving average system suppressed the downward trend of oil prices, and the short-term objective trend direction was downward. From the perspective of momentum, the MACD indicator opened upward at a low level below the zero axis, the short-term momentum was insufficient, and the long-term momentum gradually strengthened. It is expected that the crude oil trend will continue to decline during the day, and the short-term thinking is mainly. Today: 65.00 short, stop loss: 64.20, target 59.00.

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.