On Wednesday (November 26th) during Asian trading, international crude oil prices continued to hover near a one-month low, trading around $58.07 per barrel. One key factor driving this trend was the positive signals from the Ukraine peace talks, sparking speculation that the West might ease restrictions on Russian oil exports.

Meanwhile, global crude oil inventory levels remained high, further limiting the potential for a price rebound. Behind this market volatility is a flurry of recent diplomatic activity. US President Trump stated that the Ukraine negotiations currently have "only a few points of contention" and has dispatched senior representatives to hold new rounds of consultations with both sides of the conflict, suggesting a potential turning point in the peace process. If an agreement is reached, sanctions against Russian energy exports may be adjusted, releasing more crude oil into the international market.

From a daily chart perspective, crude oil is showing a weak consolidation pattern. Prices have recently been trading below the 50-day and 200-day moving averages, forming a "death cross" and continuing the downward trend, indicating a bearish medium-term trend. Currently, WTI is fluctuating around $58, near the previous low support area. A break below this level could lead to further declines towards $55. Resistance levels to watch are the psychological level of $60 and the 5-day moving average.

The MACD indicator remains in negative territory, with the green bars slightly shortening but no clear bullish divergence. The RSI hovers around 40, indicating continued market caution and a lack of strong upward momentum. Overall, the technical pattern combined with bearish fundamentals suggests that oil prices may continue to fluctuate under pressure in the short term. Close attention should be paid to key support levels to determine the next direction. Today: Short at $58.00, stop loss at $60.00, target $57.00.

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.