On Friday (July 11) in the Asian session, US crude oil traded around $66.90 per barrel. Oil prices fell more than 2% on Thursday as investors weighed the potential impact of US President Trump's tariff measures on global economic growth, and the Israeli Prime Minister said he was considering ending the Gaza conflict after a 60-day temporary ceasefire.

The European Union plans to introduce a new round of sanctions this week, which may include a "floating mechanism" for the upper limit of Russian oil prices to cope with the situation where the price ceiling is in name only due to the recent decline in oil prices. This may further disturb the crude oil market, especially in the context of the European market's dependence on Russian oil has not been completely lifted.

From the daily level, after breaking the integer mark of $69, the US crude oil price has fallen below the short-term moving average support, and the technical structure shows a weak trend. The current price has received some buying support near $66.50, but if it falls further below this level, it may test the $65.00 to $64.20 range, which is the previous shock area. In terms of indicators, the MACD dead cross is enlarged, and the RSI moves down to the neutral and weak area, indicating that the downward momentum is still being released.

In summary, today's crude oil operation suggestions: short near 67.3-4, stop loss 68.1, or long near 65.6-7, stop loss 64.7.

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.