Crude Oil News Analysis:

On Tuesday (July 2nd), Asian markets saw international oil prices fluctuate narrowly, with US crude oil currently trading around $83.43 per barrel. Oil prices rose about 2% on Monday, hitting a two-month high, as the market expects demand to rise during the Northern Hemisphere summer driving season and concerns that the Middle East conflict could spread and lead to a reduction in global oil supply.

Brent crude futures rose $1.60, or 1.9%, to close at $86.60 a barrel on Monday; U.S. crude futures rose $1.84, or 2.3%, to close at $83.38 a barrel.

This is the third consecutive day that Brent crude has hit its highest close since April 30, and the highest close for U.S. crude since April 26.

Crude Oil Technical Analysis:

Crude oil showed a volatile upward trend on Monday, with a pullback and long position stabilizing at 81.6 and rising to a high of 83.6. It then retreated to around 83.431 and closed at 83.302 dollars per barrel. This week's crude oil trading can clearly define the range at 84.3/80, and high shorts and low longs can be made at key points. Only when it falls below 80 will the shorts be more stable.

On the four-hour level, crude oil fell to a low of $80.42 per barrel, and then the market consolidated. Crude oil finally closed at $81.78 per barrel, and then the market closed with an inverted hammer pattern with a long upper shadow line. After the end of such a pattern, crude oil is expected to maintain a volatile upward trend today.

Overall:

Crude oil is recommended to focus on dips and longs today, supplemented by rebound shorts. The upper short-term focus is on the 84.5-85.0 resistance level, and the lower short-term focus is on the 82.2-81.7 support level.

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