On Thursday (June 11th) during the Asian trading session, the crude oil market continued its strong performance, with US crude oil prices rising for the second consecutive trading day, holding near $91.70 per barrel. The market was mainly influenced by escalating tensions in the Middle East, with investors concerned that the continued expansion of regional conflict could threaten the security of global oil transportation and supply, thus pushing risk premiums further up.

In addition to geopolitical factors, a significant decline in US domestic inventories further strengthened bullish sentiment in the market. The latest data released by the US Energy Information Administration (EIA) showed that as of last week, US commercial crude oil inventories decreased by approximately 7.2 million barrels, significantly higher than the approximately 4 million barrel decrease previously expected by analysts in market surveys. The rapid decline in inventories indicates that refineries are actively increasing purchases to compensate for potential supply gaps caused by the Middle East situation.

From a daily chart perspective, crude oil has returned to its consolidation range, maintaining an overall rebound structure. Prices are steadily trading above major moving averages, indicating that bullish forces remain dominant. If oil prices retrace but do not break the $90 mark, they are likely to test the $93-$95 area. Conversely, if geopolitical risks ease or profit-taking occurs, initial support is seen around $88, with key support at the $85 area. In terms of momentum indicators, the RSI remains in strong territory, while the MACD maintains a golden cross, indicating that the medium- to long-term upward momentum has not weakened significantly.

Crude oil found support at the lower edge of its short-term (1H) trading range and rebounded, regaining the $90 price level. The short-term objective trend remains upward within the original range, with bullish momentum dominating. It is expected that crude oil will move upward within the range today, testing the upper edge. Today: Short at 93.20, stop loss: 94.80, target 89.70.

Disclaimer: The article is contributed by the market analyst from Binkex 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.