US crude oil: fluctuating upwards, buy on dips

(1) Analysis rationale: Saudi Arabia's Minister of Defense visited Tehran for talks, expectations of an escalation in US-Iran conflict have eased, and oil prices have continued to decline. However, clashes between the Houthi armed group and Hezbollah persist, risks of transit through the Strait of Hormuz remain, and the geopolitical premium is unlikely to dissipate completely. The US mid-term elections and EIA inventories are downward variables, while CTA net long positions provide algorithmic support. Oil prices are fluctuating above the $100 mark, and in the short term, are expected to remain range-bound.(2) Key focuses: geopolitical situation, inventory data, US Dollar Index(3) Resistance: 101.60, 102.50, 103.00(4) Support: 100.00, 99.00, 98.00