Short-term US crude oil trading suggestion: fluctuating downward trend, sell on rallies

(1) Analysis: WTI has fallen back to around $70 due to the pause in conflict and resumption of negotiations between the US and Iran, leading to a decrease in geopolitical risk premiums. However, the situation in the Hormuz Strait remains unstable, and the market remains alert to the risk of supply disruptions. Changes in API and EIA inventories will dominate the short-term trend, and fluctuations in the US dollar will also affect the strength of oil price recovery. Overall, the market remains in a low-level oscillation pattern.(2) Key focus: Geopolitical situation, inventory data, US Dollar Index(3) Resistance: 70.50, 71.00, 71.80(4) Support: 69.50, 69.00, 68.50