WTI crude oil remains stuck in consolidation as it tests the symmetrical triangle support once more. Bearish pressure seems to be building up, though, with the 100 SMA closing in on its gap above the 200 SMA to hint at a potential crossover.

If a downward crossover materializes, crude oil could tumble below the triangle support at $57 per barrel and go for more losses. The chart pattern spans $55 per barrel to $59 per barrel so the resulting move could be of the same height.

Still, the 200 SMA is acting as dynamic support in the meantime. Stochastic is on its way down to confirm that sellers have the upper hand, but RSI is treading sideways to signal further consolidation.

Traders might be awaiting the release of inventory data from the American Petroleum Institute and the Energy Information Administration. Another pipeline has been shut down for repairs but this might not have much of a dent in supply as Baker Hughes reported another increase in US rig counts.

Note that the OPEC has previously extended its output deal and its production update has confirmed lower output from the cartel. Traders are more worried about rising production from the US that could outweigh the limits to supply.

Still, corporate tax cuts in the US might lead to stronger business activity, which would then boost demand for commodities like crude oil down the line. Then again, the OPEC could be due for a review of their output deal extension in June if the market overheats by then.

Risk sentiment could also dictate crude oil action for the week, even as most of the top-tier events have already passed. Now that the end of the year is approaching, profit-taking activity could keep gains limited for the riskier assets as traders crunch their numbers on their portfolios.