5.8 Crude Oil Market Outlook by Shiyuan

Crude oil prices fluctuated last night due to geopolitical tensions, after an earlier rally, entering a technical correction phase, currently in a high-level consolidation state.

The daily chart remains bullish overall, but the short-term upward momentum has slowed, entering a rest and buildup phase.

Resistance above: 98–100 is a short-term key resistance zone, with the previous high near 102 acting as a strong barrier; support below: 95 is the core defensive area for short-term, with 90–92 providing strong support.

The safe-haven attribute brought by geopolitical tensions continues to exist, constraining downside potential; combined with the extension of production cuts and low inventory levels, the medium- to long-term bullish structure remains unchanged. Technical patterns maintain a high-level consolidation and digestion rhythm, with the overall trend still leaning strong.

In the short term, focus on buying at key support levels, avoiding blindly chasing rallies.

A stable rebound around 95 can be taken as a signal to participate, with a stop below 94.5, targeting the 98–100 zone; if prices hit the 98–100 resistance zone, consider a short-term pullback strategy, strictly controlling position sizes and flexibly following market momentum.