WTI crude oil looks ready to resume its climb as price found support at the bottom of the rising channel on the 4-hour time frame. The Fibonacci extension tool shows the levels that buyers are aiming for.

The 38.2% level is near the swing high at $72.76 per barrel while the 50% level at $73.25 per barrel lines up with the channel top. Stronger bullish pressure could take crude oil up to the 61.8% level at $73.74 per barrel or the 76.4% level at $74.35 per barrel. The full extension is at $75.33 per barrel.

The 100 SMA is above the 200 SMA to confirm that the path of least resistance is to the upside or that support is more likely to hold than to break. The gap between the moving averages is widening to reflect strengthening bullish momentum.

However, stochastic is still pointing down to suggest that there is some bearish pressure left before sellers need a break. RSI is also on the move down, so crude oil price might still follow suit until oversold conditions are met.

A break below the channel bottom around $71 per barrel could set off a reversal from the climb.

The latest FOMC decision signaled scope for earlier interest rate hikes, which might then weigh on business and consumer activity. In turn, this could reduce purchases of fuel and energy commodities, including crude oil.

The Department of Energy reported a larger than expected draw of 7.4 million barrels in stockpiles versus the estimated reduction of 2.1 million barrels and the earlier drop of 5.2 million barrels. This suggests that demand was much stronger than expected, likely due to the reopening of more cities and businesses.

Also keep in mind that the OPEC+ reaffirmed their commitment to the output deal, even as prices are climbing past the $70 per barrel mark. This could keep global supply glut concerns in check while demand advances.