On Friday (November 28th) in Asian trading, US crude oil was trading around $59.00 per barrel. Prices rose due to improved prospects for a ceasefire between Ukraine and Russia, increasing the likelihood of Western sanctions easing. Planned talks between Russian and Ukrainian officials and US envoys in Moscow also fueled speculation of a de-escalation of geopolitical tensions. The market remained cautious.

OPEC and its allies will meet on November 30th. Market surveys show that eight member countries decided earlier this month to suspend further production increases in the first quarter of next year, following the organization's rapid supply increases in 2025, which triggered global supply and demand tensions. Currently, the crude oil market has fallen for four consecutive months, marking the longest downward cycle since 2023.

From a daily chart perspective, US crude oil is holding steady around $58.90, maintaining a slight fluctuation in the short term. Prices have closed below key short-term moving averages for several consecutive days, reflecting a weakening trend. The MACD histogram is widening further below the zero line, indicating that downward momentum is still accumulating; the RSI has rapidly declined below 45, suggesting a significant shift in market sentiment towards bearishness.

Crude oil's short-term (1-hour) price action has broken through the upper limit of its trading range, but whether this breakout is valid requires further verification. The moving average system is in a bullish alignment, and based on oil prices, the short-term objective trend has turned upward. The MACD indicator is widening gently upward above the zero line, indicating a slight advantage for bullish momentum. It is expected that crude oil will maintain a weak, oscillating upward trend throughout the day. Today's strategy: Buy at 58.70, stop loss at 58.30, target 59.50.

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.