On Tuesday (June 16th) during the Asian session, oil prices saw a mild rebound. This followed a sharp sell-off of approximately 3.7% in the previous trading day, primarily due to market bets on a possible easing of tensions in the Middle East and an increased likelihood of the Strait of Hormuz reopening. By early Asian trading, WTI crude oil prices had recovered to around $80 per barrel, but overall volatility was limited as investors awaited further confirmation of the interim peace agreement between the US and Iran.

Meanwhile, the latest data from the US Department of Energy showed a significant decline in US strategic petroleum reserves. Last week, strategic reserves decreased by 8.9 million barrels to approximately 340.3 million barrels, the lowest level since 1983. This inventory decline is part of the US's ongoing program to release strategic reserves. The US previously agreed to borrow approximately 172 million barrels of crude oil from the reserve system to alleviate pressure from rising domestic fuel prices. Although there are signs of easing geopolitical tensions, persistently low strategic reserves mean that the global crude oil market still lacks sufficient safety buffers.

From the daily chart, US crude oil previously fell rapidly due to expectations of a peace agreement, breaking below the short-term upward trend line, indicating a significant weakening of bullish momentum. Currently, the price is finding some support near the $80 mark, making this area a key battleground between bulls and bears in the short term.

The short-term (1-hour) trend for crude oil is downward, with the moving average system suppressing prices, and the short-term objective trend remains downward. The morning session saw a low-level secondary oscillation, with bearish momentum dominating. Based on the alternating pattern of primary and secondary price movements, crude oil is expected to continue its downward trend today, potentially breaking below the $80 support level to reach new lows. Today's strategy: Short at $81.00, stop loss at $83.50, target $78.00.

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.