During the Asian trading session on Monday (September 1st), international oil prices remained stable with slight fluctuations, with US crude oil trading around $63.88. Uncertainty over Russian oil supply remains a key factor supporting oil prices. The recent escalation of the Russia-Ukraine conflict has led Ukrainian President Zelensky to order increased strikes within Russia. In recent weeks, both sides have focused on attacking energy infrastructure, disrupting some Russian oil exports. According to market research, weekly crude oil shipments from Russian ports fell to a four-week low of just 2.72 million barrels per day (bpd).

Meanwhile, data from the U.S. Energy Information Administration showed that U.S. crude oil production rose to 13.58 million bpd in June, a record high. This has raised concerns about the risk of future oversupply. Investors are also watching to see whether OPEC+ will send further signals on increasing production at its meeting on September 7th. Furthermore, the demand outlook remains bleak. Recent data shows that manufacturing in Asian countries has contracted for the fifth consecutive month, indicating that production activity is being hit by both external factors and weak domestic demand. Meanwhile, concerns about US tariffs are also dampening market expectations for global demand growth.

On the daily chart, US crude oil is range-bound between $63 and $65, with the short-term moving average converging, indicating a continued tussle between bulls and bears. If prices can successfully break through the $66.5 resistance level, they could potentially head towards $68; however, if they fall below the $63 support level, they could retest the $60 mark. Overall, the market remains range-bound, with both technical and fundamental factors awaiting new driving signals.

Overall, today's recommended trading strategy for crude oil is: short around $64.1-2, with a stop-loss at $64.9. Alternatively, go long around $62-62.1, with a stop-loss at $61.3.

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.