Crude Oil News Analysis:

On Friday (September 27th), international oil prices continued their downward trend in early Asian trading, with WTI crude oil currently down 0.5%, trading near $67.30 per barrel. Oil prices plunged more than 3% on Thursday, hitting a more than two-week low, after the Financial Times reported that Saudi Arabia, the world's largest crude oil exporter, was prepared to abandon its $100 price target and would work with the Organization of the Petroleum Exporting Countries (OPEC) and its allies to increase production in December.

Brent crude futures settled down $1.86, or 2.53%, at $71.60 a barrel on Thursday. U.S. crude fell $2.02, or 2.90%, to settle at $67.67 a barrel on Thursday.

OPEC+ plans to increase production by 180,000 barrels per day in December as part of a plan to gradually withdraw from recent production cuts, leading to a decline in international oil prices. At the same time, Israel denied the ceasefire agreement and planned to continue attacking Lebanon. The situation in the Middle East may continue to be tense.

The U.S. Department of Labor released initial jobless claims data on Thursday. In the week ending September 21, the number of people filing for unemployment benefits fell by 4,000 to 218,000, better than the 223,000 expected by economists. Despite positive news such as Israel rejecting international calls for a ceasefire and continuing airstrikes, and major Asian countries promising more economic stimulus policies, oil prices remain under pressure and failed to stop the decline, indicating that the short-term downward pressure on oil prices is still relatively high. big.

Crude Oil Technical Analysis:

From the daily chart of crude oil, the medium-term trend fell to a low of 65.50 and then rebounded in the short term after gaining support. The daily line shows a wave of main and secondary alternation rhythm, and the long-term momentum has increased. However, judging from the moving average system, it still suppresses oil prices, and the medium-term objective trend remains downward. Pay attention to the resistance of the 55-day moving average to oil prices, and the medium-term trend will continue to be bearish. The short-term (1H) trend of crude oil once again shows its strong repetitive characteristics. The oil price has fallen back again, recovering all the gains of the previous trading day. The moving average system is short, and the short-term objective trend is downward. In early trading, oil prices fluctuated in a narrow range around 68.50, and the repeated strength was weak. It is expected that crude oil will fluctuate in a narrow range within the day to form a secondary rhythm, and the trend will likely move downward.

Overall, the idea of crude oil operation today is to focus on rebounding and shorting, supplemented by stepping back and buying long. The upper short-term focus is on the 68.7-69.2 line of resistance, and the lower short-term focus is on the 66.3-65.8 line of support.

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