WTI crude oil continues to trend higher inside a rising channel on its 1-hour chart. Price is currently bouncing off support and could be due for a move back to the resistance around $70 per barrel.

The 100 SMA is above the 200 SMA to confirm that the uptrend is more likely to resume than to reverse. However, the gap between the indicators is narrowing to signal weakening bullish momentum.

A break below the channel bottom around $68.50 per barrel might still find some support at the 100 SMA around $68 per barrel then the 200 SMA at $67 per barrel.

Stochastic is turning higher to show that buyers have the upper hand, so crude oil might be able to climb to at least the mid-channel area of interest around $69.50 per barrel. RSI is heading lower but is pausing on middle ground to reflect consolidation.

Crude oil is drawing support from the OPEC+ decision to carry on with its output deal, even as prices have already stabilized above $60 per barrel. Demand continues to pick up as more economies reopen, likely keeping upside pressure in place.

The EIA crude oil report also revealed a larger than expected draw of 5.1 million barrels versus the projected reduction of 1 million barrels and the previous draw of 1.7 million barrels. This confirms that purchases are increasing, thanks to stronger business and consumer activity.

The upcoming NFP release might shake things up, though, as the outcome could impact Fed tapering expectations. In particular, stronger than expected hiring gains could accelerate taper talks, which might then boost demand for the US dollar while dragging commodities south.

On the other hand, a weaker than expected jobs report might assure traders that low interest rates could stay on for much longer, which would be positive for business investment and investor optimism.