On Friday (October 31st) during the Asian session, US crude oil prices fell slightly by 0.45%, trading at $60.200 per barrel, continuing to fluctuate around the $60 mark. The one-year trade easing agreement reached between the US and Asian countries during the APEC summit boosted market confidence, but a strong dollar and expectations of increased OPEC+ production limited the upside potential for oil prices. The Federal Reserve cut interest rates by 25 basis points and announced the end of quantitative tightening, but the market remains cautious about future policies.

Regarding monetary policy, the Federal Reserve announced a 25 basis point rate cut on Wednesday, lowering the benchmark interest rate range to 3.75%-4.00%, and plans to officially end quantitative tightening (QT) on December 1st. However, Federal Reserve Chairman Powell stated after the meeting that another rate cut in December is "not yet a certainty," a more hawkish tone than the market expected. This statement pushed up US Treasury yields, strengthening the dollar and thus limiting the upside potential of crude oil.

From a daily chart perspective, crude oil prices touched around 56 and formed three consecutive bullish candles, recovering the previous decline. Oil prices have broken through the moving average system, indicating a shift to a consolidation pattern in the medium term. The MACD indicator is widening upwards below the zero line, suggesting weakening bearish momentum. A medium-term recovery in crude oil prices is expected, with the overall trend remaining range-bound.

In the short term (1-hour chart), crude oil is still testing the bottom in a low range, with the short-term trend remaining sideways, fluctuating between 59.60 and 61.00. The MACD indicator is fluctuating around the zero line, indicating continued stalemate between bullish and bearish momentum. Crude oil is expected to fluctuate within this range today, with a higher probability of an upward breakout. Today's trading suggestion: Buy at 59.80, stop loss at 59.50, target 61.00.

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.