On Wednesday (July 16) in the Asian session, US crude oil traded around $66.84 per barrel. Oil prices rose slightly on Wednesday as the market expected that crude oil demand in the United States and Asian countries would remain stable, reflecting the improved economic prospects of the world's two largest crude oil consumers. In addition, the monthly report released by the Organization of Petroleum Exporting Countries (OPEC) on Tuesday also boosted market confidence. OPEC expects that the global economy will be better in the second half of this year than in the first half, and oil product demand is expected to increase further.

This round of rebound was also boosted by the US API crude oil inventory data. According to market surveys, the latest data from the American Petroleum Institute (API) showed that crude oil inventories unexpectedly decreased by 3.6 million barrels in the week ending July 12, far better than the market's expectation of an increase of 1.5 million barrels, indicating that US crude oil demand remains strong. Previously, the market reacted coldly to the impact of the US President's threat to impose tariffs on Russian oil, as the overall market was still focused on signs of recovery on the demand side.

From the daily level trend, US crude oil rebounded after forming a double bottom structure near $66. The current price stood firm on the 20-day moving average and broke through the short-term downward trend line. The MACD indicator showed that the momentum column turned from negative to positive, and the short-term momentum increased.

In the 4-hour level trend, the price is temporarily running near the previous support belt. Pay attention to the possible continued downward trend after a small break, and pay attention to the short-term adjustment. Operation suggestion: short near 67.5-6, stop loss 68.3, or long near 65.5-6, stop loss 64.8.

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.