U.S. crude oil: range-bound fluctuation, sell on rallies, buy on dips

(1) Analysis: Concerns over supply risks in the Strait of Hormuz have resurfaced, supporting a higher opening in oil prices. However, the volume of crude oil continuously passing through the Strait of Hormuz has also rebounded significantly, resulting in an actual supply contraction that is less than the market previously feared. Technically, oil prices have yet to break through important ranges; therefore, amid short-term sentiment disturbances, it is advisable to remain range-bound and wait for a directional breakout. (2) Key focuses: Geopolitical situation, inventory data, U.S. Dollar Index. (3) Resistance: 85.60, 86.00, 86.50. (4) Support: 84.60, 84.00, 83.50.