US crude oil: Range-bound oscillation, sell on rallies and buy on dips

(1) Analysis rationale: Geopolitical uncertainty increases risks for energy infrastructure and maritime routes, driving international oil prices to remain high. However, prices have not yet broken through the dense resistance range. At the same time, tight US inventories and refined product stocks below seasonal levels also support oil prices. In the short term, it is necessary to wait for the US CPI data and inventory data for further direction. (2) Key focus: Geopolitical developments, inventory data, US Dollar Index, US CPI (3) Resistance: 92.60, 93.00, 95.00 (4) Support: 92.00, 91.00, 90.00