February 4, 2026 WTI Crude Oil Morning Analysis

This morning, WTI crude oil moved higher with oscillations, latest at $63.74 per barrel, up 0.84%. Domestic INE crude oil also rose by 3.47% to 457.2 yuan per barrel, with the overall range bouncing between $63 and $64.

The news is somewhat contradictory: geopolitical tensions in the Strait of Hormuz and API's million-barrel inventory draw support oil prices, while India’s shift to buy U.S. oil due to the US-India trade agreement also boosts demand expectations. However, the resumption of US-Iran negotiations has cooled risk sentiment, and inventory pressures remain, leading to tug-of-war between bullish and bearish factors.

From a technical perspective, oil prices are above the 50-day moving average, with MACD bullish momentum still intact. However, there is resistance at the upper Bollinger Band around $64.67, and selling pressure is heavier near $65. The short-term upward trend is not as strong as before, feeling somewhat "stuck."

In summary, the current pattern is a high-level consolidation with significant risk of a pullback, as resistance levels are close and news remains volatile. Do not chase highs; consider light positions near the support zone of $62-63, aiming for $64-65. Take profits at resistance levels and avoid over-leverage to prevent being caught in a range.

The above is only personal advice for reference and does not constitute investment guidance. Please follow Cheng Jingsheng's strategic layout for specifics!!$XAUT ‌#XAU