January 9th Crude Oil Trend Analysis

After the United States announced a $2 billion oil deal, representatives from American and European oil companies are preparing to visit the country next week. Meanwhile, the US has seized two oil tankers related to Venezuela. Another oil tanker heading to Russia was attacked in the Black Sea, and Iraq has nationalized the West Qurna-2 oil field to avoid US sanctions. These events have heightened market concerns over supplies from Russia, Iraq, and Iran. As mentioned yesterday, crude oil may experience short-term fluctuations and speculative trading, but the overall market remains in a state of ample supply, which has not changed for now. These short-term speculations will not alter the core trend. Do not expect a sustained short-term rebound; the resistance at the 59 level can be relied upon for strong resistance above.