February 3, 2026 WTI Crude Oil Analysis

In the Asian market early trading, WTI crude oil is around $62.40 per barrel, down more than 4.71% overnight, marking the largest single-day decline in seven months. The short-term trend is weakening, but the medium-term upward logic remains unchanged.

On the news front, Trump stated that the US and Iran are "seriously negotiating," easing market concerns about Middle Eastern supply risks; warmer US weather, a sharp drop in diesel futures, and a strengthening dollar have collectively weighed on oil prices. However, domestic refined oil prices will be adjusted at 24:00 on February 3, with an expected increase of 205/195 yuan per ton, as the average price during the pricing cycle remains relatively high.

From a technical perspective, short-term support is at $60.5-61, with strong support at $59.5; resistance is first seen at $63.7-64.7. The daily chart remains bullish, with only a short-term correction mainly driven by oscillation.

In terms of trading, avoid chasing the rally. Wait for a pullback to the $61-62 range to buy low, with a stop-loss below $59, aiming first for a $64 target. If encountering resistance during the rebound, consider light short positions for quick entry and exit. During oscillation phases, do not go all-in; set proper stop-losses and follow the broader trend of tightening supply for more stability.

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