Crude Oil News Analysis:

On Thursday (June 27), WTI crude oil fluctuated lower in early Asian trading, currently trading around $80.58 a barrel, down about 0.4%. Despite escalating tensions between Israel and Lebanon, which could trigger a wider Middle East war, Turkey supports Lebanon and calls for regional support, which provides support for oil prices. UBS expects oil prices to rise in the coming weeks. However, an unexpected increase in U.S. crude oil and gasoline inventories weighed on the market, and the U.S. dollar index rose to a nearly two-week high, which also put pressure on oil prices. Investors need to beware of the possibility of a short-term shock top in oil prices.

Brent crude futures rose 0.24 cents, or 0.3%, to $85.25 a barrel on Wednesday. U.S. crude futures settled up 0.07 cents at $80.90 a barrel.

The market's next focus will be on Friday's U.S. personal consumption expenditures (PCE) price index, the Fed's preferred inflation indicator. Investors hope to learn from it whether price pressures in the economy are moving in the right direction. If the data comes in below expectations, it could prompt investors to increase their bets on rate cuts this year, which would ease some of the pressure on oil prices.

Crude Oil Technical Analysis:

Crude oil is in a state of shrinking volatility. The daily line is continuously organized and shrunk by the star K line. The weekly line is stable and looks upward. After a wave of rebound in the daily line, there is a consolidation backtest to seek momentum. It depends on whether it is a strong consolidation or a weak consolidation. In a strong market, horizontal consolidation and correction are used instead of falling correction. Looking at the 4-hour structure, the Bollinger Bands began to flatten and oscillate to accumulate momentum, and short-term operations still put the time point after the European market. Crude oil rushed to around 81.8 again yesterday. Although it did not break through, the strong state is very clear.

Since the 81.8 high point did not break, a callback was formed at midnight, and the closing line was around 80.8. Then, the short-term crude oil will be adjusted to look at the shock range. Pay attention to the 79 area below, and do not look at the big increase space before breaking the previous high of 81.8. Today's crude oil trading can clearly define the range at 81.8/78, and you can go long at low prices and go short at high prices at key points. Only when the short position falls below 80 will it be more stable.

Overall, the idea of short-term operation on U.S. crude oil today is to focus on rebounding and shorting, and the upper short-term focus is on the resistance of 81.8-82.3, and the lower short-term focus is on the support of 79.5-79.0.

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