On Thursday (December 20th), US crude oil continued its decline during the Asian trading session, trading around $69.03 per barrel. Fundamentally, there is a demand outlook for hawkish interest rate cuts by the Federal Reserve, while expectations of further easing are slowing down, which is not conducive to the strengthening of oil prices.

The market expects a global oil oversupply next year, putting pressure on oil prices again in the medium term. Alex Hodes, an analyst at commodity broker StoneX, said, "The Federal Reserve's easing in 2025 is lower than initially estimated, which has caused the market to adjust its expectations

Meanwhile, yesterday's data showed that the US economy grew faster than expected in the third quarter, and the number of people applying for unemployment benefits also decreased more than expected.

Bart Melek, head of commodity strategy at TD Securities, said that GDP data and unemployment claims are quite strong, and the robust economy and inflation risks once again prove that the Federal Reserve has no reason to be aggressive.

After the daily rebound of US crude oil, it once again fell below the support of the moving average, and has been bearish for four consecutive weeks. It is not ruled out that the weekly line may swallow up the previous gains and return to the bearish structure. Waiting for further changes in fundamentals, this trading day focuses on the annual PCE price index for November in the United States.

The Bank of England held interest rates stable on Thursday, but policymakers are divided on how to respond to the economic slowdown.

The Bank of Japan maintains ultra-low interest rates unchanged, while US President elect Trump vows to impose tariffs, casting a shadow over Japan's export dependent economy.

The energy transition measures have also greatly impacted the demand of the world's largest oil importing country. It is widely expected that there will be an oversupply in the oil market next year, and analysts at JPMorgan expect the supply to exceed demand by 1.2 million barrels per day.

Yemen's Houthi armed forces spokesperson Yahya Sareya said on the 19th local time that the Houthi armed forces successfully used a drone to strike a military target located in the Yafa area of Israel.

On the same day, the Houthi militants in Yemen released a video claiming that on the 19th, they launched attacks on two Israeli military targets using two "Palestinian 2" hypersonic missiles.

On the 19th, Israel released a video of its airstrikes on the Yemeni capital Sana'a and Hodeidah in the early hours of the day. According to the military, 14 fighter jets dropped over 60 bombs on Houthi military targets in Sana'a and the west coast of Yemen, striking facilities such as fuel depots and power plants.

A significant blow to the military capabilities of the Houthi armed forces in Yemen. Prime Minister Netanyahu said that the Houthi militants in Yemen will pay a heavy price for attacking Israel.

From a technical perspective, after breaking the daily moving average of US crude oil, the MACD indicator has a dead cross and the green bar has amplified, indicating the possibility of further downward trend in the short term. It is important to pay attention to whether the box support around $67 is effective.