During the European session on Tuesday, both American and Brent crude continued to decline, with WTI crude touching 67 US dollars per barrel, a sharp drop of 1.81% at one point; Brent crude approached 70.53 US dollars per barrel, falling over 1%.

IG Senior Technical Analyst Axel Rudolph pointed out that due to fundamental and technical reasons, WTI crude oil prices still face pressure and may reach the range of 64.00 US dollars to 62.00 US dollars.

WTI crude oil futures fell about 8% last week. Concerns about the slowing economic growth of major global economies such as the United States, Asia, and Europe, coupled with ample crude oil supply, led to WTI crude oil prices falling to the levels of June 2023.

Disappointing US employment data released a weak signal in the labor market, while below-expected European economic data intensified concerns about energy demand. In addition, Bank of America reduced its 2025 price expectations for Brent oil from $80.00 per barrel to $75.00 and for WTI crude oil from $75.00 per barrel to $71.00.

Saudi Aramco's downward revision of the official selling prices for October indicates weak demand in Asia. While hopes for a ceasefire agreement between Hamas and Israel seem to be diminishing, they have also suppressed oil prices.

Initially, OPEC+ planned to increase production under the condition of ample supply, which added pressure to oil prices. The organization decided to postpone the production increase of 0.18 million barrels per day until December, and oil prices stabilized for a while.

Norbert Rücker, an analyst at Bank Pictet & Cie, said, 'The tone of the oil market remains pessimistic, and fundamental resistance should continue. Demand is stagnating, while production is increasing in the Americas, suggesting that the oil market may face oversupply next year.'

On the other hand, the ceasefire agreement between Israel and Hamas has not been reconciled, which has raised doubts about whether the Biden administration can facilitate the agreement. At the moment, this, along with the potential supply risk brought by the hurricane, is supporting market sentiment. After all, the refining capacity in the U.S. Gulf Coast region accounts for 60% of the national total.