On Thursday (July 17) during the Asian session, boosted by the recovery of economic data from the world's two largest crude oil consuming countries, US crude oil prices rebounded and are currently trading around $65.5 per barrel. On the news front, the US President said that trade agreements with several countries were "close to being reached", trade tensions eased, and market sentiment was positive, but the sustainability of the short-term rebound should be viewed with caution.

Data released by the US Energy Information Administration (EIA) showed that US crude oil inventories fell by 3.9 million barrels last week to 422.2 million barrels, far higher than the market's expected drop of 552,000 barrels. This reflects the active operation of refineries, tightening supply and increased consumer demand.

From a technical perspective, the daily level of crude oil shows that the price box is oscillating, and the overall trend remains moderate and bullish. At present, oil prices are firmly above the 100-day moving average, and the MACD indicator shows a positive expansion trend, and the momentum is gradually increasing, indicating that buying power is accumulating.

If it can continue to hold the $65.00 mark, it is expected to challenge the key resistance level of $67.80. On the contrary, if it falls below $65, it may retest the support level of $64.20. Overall, the short-term trend still tends to fluctuate upward, but we need to be wary of the short-term correction risk caused by high-level profit-taking. In summary, today's crude oil operation suggestions: pay attention to the resistance level of 68.0-69.0 on the upper side in the short term; pay attention to the support level of 64.0-63.0 on the lower side in the short term.

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.