USOIL seems to be in a potential bullish reversal

WTI crude oil futures rose slightly. Traders weighed factors such as the optimistic sentiment in Sino - US trade, the decline in US production, and the technical position, while also considering the persistent concerns about supply surplus. The recent decline in oil prices is largely due to the decision of OPEC + to accelerate production increase for the second consecutive month. It is reported that the number of drilling rigs is being reduced, which implies that the future shale oil production may decline, providing support for the bullish view on oil prices. This supply restriction, together with the signs of strong demand from Europe and China, helps to stabilize market sentiment. Crude oil showed a trend of rising first and then falling today. After reaching $60.2, it showed a callback trend. After two consecutive positive days on the daily chart, the oil price adjusted, which may indicate that crude oil will continue to maintain a wide - range oscillation. Overall, the reduction in crude oil inventory is expected to support the rebound of oil prices.
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