On Tuesday (February 24th) during the Asian session, international oil prices fluctuated near their recent highs. US crude oil was almost flat, stabilizing around $66 per barrel. Oil prices had risen nearly 6% in the previous week, mainly driven by escalating tensions in the Middle East. US President Trump stated that he was considering military action against Iran, prompting the market to price in higher geopolitical risk premiums. Meanwhile, reports emerged that the US was massing military forces in the Middle East.

On the policy front, after the US Supreme Court rejected Trump's signature tariff policy, the government planned to introduce new 15% global tariffs, fueling trade concerns. Investors are also focused on the ongoing impact of winter storms on energy demand and supply chains.

From a daily chart perspective, US crude oil has steadily rebounded from its previous lows, forming a temporary high above $66. Prices are currently trading within a medium-term upward channel, and the overall trend remains bullish. Regarding the moving average system, short-term moving averages are in a bullish alignment, while medium-term moving averages are gradually rising, indicating a relatively healthy trend structure.

The previously formed "golden cross" continues to provide trend support for the market. However, momentum indicators are beginning to show signs of slowing down. The stochastic oscillator has entered overbought territory, indicating that short-term buying momentum is strong but a correction is needed.

In summary, the recommended trading strategy for crude oil today is to primarily buy on dips, with selling on rallies as a secondary approach. The short-term resistance level to watch is 67.5-68.5, and the short-term support level is 65.0-64.0.

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.