On Monday (January 12th) during the Asian session, US crude oil traded around $59 per barrel. The international crude oil market continued its rebound, with crude oil futures rising for the third consecutive week, recording the longest weekly winning streak since June. Escalating protests in Iran threaten the supply from OPEC's fourth-largest oil producer.

The market's core focus is currently on the Venezuelan situation. Trump stated that due to improved cooperation from Venezuela, the second round of military action against the country has been canceled. This news briefly caused oil prices to fall slightly during Friday's trading session, but the impact was short-lived. Furthermore, during a meeting with oil company executives at the White House on Friday, Trump stated that the US would decide which companies could enter the Venezuelan market, and that "mega" oil companies planned to invest approximately $100 billion of their own funds. These statements have a greater impact on medium- to long-term supply expectations.

From the daily chart of US crude oil, it has effectively broken through the upper edge of the previous consolidation range, and the price has regained its position above multiple short- and medium-term moving averages. The moving average system shows signs of turning upwards, indicating a shift from a weak to a strong trend. Momentum indicators are also improving, with bulls in control in the short term. The area around $59 has become a key support zone. If the price can hold firmly above this level, US crude oil is expected to further test the $61-$63 range; however, if geopolitical risks ease or fundamental pressures regain dominance, a pullback to the $57 level cannot be ruled out.

The short-term (1-hour) crude oil trend has risen for three consecutive trading days, with the price approaching the $60 mark. The moving average system is supported by the oil price, and the short-term objective trend is upward. The MACD indicator is intertwined above the zero line, indicating that bullish momentum is dominant. It is expected that the intraday trend will likely maintain a volatile upward pace. Today: Buy at $58.80, stop loss at $58.00, target $60.50.

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.