Crude oil remained volatile around 79.513. OPEC's monthly report showed that despite the OPEC+ alliance's commitment to cut production, OPEC's production in December increased by 91,000 barrels per day to 28.97 million barrels per day, mainly due to the rebound in Nigeria's output, which is not subject to voluntary production cuts .
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum has fallen sharply, the market is shrouded in short-term sentiment, and the short-term decline may continue. The market as a whole is at a high level and falls rapidly.
Long-short turning point: 79.802
Suppression: 80.372, 81.011
Support: 78.938, 78.299
Trading strategy: bearish below 79.802, target 78.938, 78.299
Alternative strategy: call above 79.802, target 80.372, 81.011