Crude oil news analysis: On Tuesday (October 31) in the European market, crude oil prices traded near $82.32 / barrel, as the Middle East supply concerns eased, the "war premium" faded, oil prices fell more than 3%. In addition to the situation in the Middle East, investors should also pay attention to the economic data released this week. Oil prices fell more than 3 per cent on Monday as concerns eased that the Israeli-Palestinian conflict would disrupt supplies in the region and investors became more cautious ahead of this week's Federal Reserve meeting. "Macroeconomic factors could easily emerge later in the week, when we'll see if the Fed has something to say," analysts said. Crude prices rose 3% on Friday, raising concerns that the conflict could widen in a region that accounts for a third of global oil production. However, analysts said such fears were fading on Monday. Market analysts said: "Market users of all forms tend to be at least somewhat long in oil into the weekend, and when fears of conflict contagion are not borne out... That fear hedge usually lifts." Analysts agree, saying: "Despite the escalation of the war between Hamas and Israel, a ground invasion is widely expected. The weekend's games suggest there will be no further expansion into a wider regional war, which has sent oil prices lower."
Crude oil technical analysis: crude oil yesterday fell down in the bardo line, near the low point and then closed at the low point. The daily K-line structure is accompanied by a cyclic oscillation of one Yang and one Yin, and is currently approaching the low of 81.50 indefinitely. Short battle for position in the long/short defense, but hover near the low for a long time. The short term is relatively weak. However, taking into account the Yin and Yang transition of the daily line, there is still the possibility of repeated sawing in the short term, and the Asian disc is not broken before the time is not too bearish, and pay attention to the continuation of the strength after the European disc. 4-hour chart a wave of small step shock fell, repeatedly tested the low point, testing the low point of support strength, from the K line closing situation, after a detour to close at the low point, the short term is weak. However, between the weekly line and the daily line, the weekly line is the contention of the middle rail, and the daily line is the parallel closure of the lower rail. Although the small cycle oscillation is weaker, but the stable point operation is still followed up after the break, the current 4-hour chart forms a small step oscillation down, 86.0 forms a local step high, if the break is 81.50 and closed below, it is weak in the short term, and on the contrary, if the European market starts to stabilize and rise, it continues to go concussion. Overall, crude oil today's short-term operation ideas suggest to rebound high altitude, back to the low is more than supplemented, short-term attention above 84.0-84.5 line resistance, short-term attention below 81.8-81.3 line support.