Crude Oil News Analysis:

On Monday (July 1st), US crude oil prices rebounded in early Asian trading, currently trading at $81.40 per barrel. On Friday, crude oil prices fell due to multiple factors, including investor concerns about weak US gasoline demand and quarter-end rebalancing by institutional investors, triggering regulatory selling pressure. WTI August crude oil futures closed down $0.20 per barrel, a drop of more than 0.24%, closing at $81.54 per barrel, despite a cumulative increase of 6.27% in June and a year-to-date increase of 13.74%. Brent crude oil futures also performed similarly, with the August contract rising slightly and the September contract falling 0.3%, with an overall weekly increase of 0.02%.

Market expectations for summer crude oil demand have been dampened by actual consumption. The US Energy Information Administration's report shows that although oil production and demand increased in April, gasoline demand fell to its lowest level since February this year. In addition, the Fed's preferred inflation indicator, the PCE price index, remained flat in May, which strengthened market expectations for an early Fed rate cut, providing potential support for oil prices.

Crude Oil Technical Analysis:

Crude oil once again rushed to around 81.8 on Friday. Although it did not break through, the strong state is very clear. Due to the 84.3 top not breaking, a fall formed at midnight, closing at around 80.8. Therefore, short-term crude oil will adjust to see a shock range. Focus on 79 below, and above 84.3 before the previous high. Do not look at the big increase space. This week, crude oil trading can clearly range between 84.3/80. Just do high-altitude and low-multiple at key points. Only when it falls below 80 will the short-side be more stable.

On the four-hour level, the lowest crude oil was given to $80.42 per barrel, and then the market was sorted out. The crude oil finally closed at $81.78 per barrel, and then the market closed with an inverted hammer shape with a long upper shadow line. After the end of the form, crude oil is expected to maintain a volatile upward trend today.

Overall, the idea of crude oil operation on Monday is to suggest rebounding short as a supplement, focusing on the 82.7-83.2 line of resistance above in the short term, and focusing on the 80.5-80.0 line of support below in the short term.

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