WTI crude oil is trending lower on its 1-hour chart as it bounces off the top of a freshly-forming descending channel. If sellers take over from here, the commodity could slide back to the bottom at $64 per barrel.

The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that resistance is more likely to hold than to break. Price is finding support at these dynamic inflection points for now, but the gap between the two is narrowing to reflect weakening bullish momentum.

A bearish crossover could confirm that the selloff is about to resume. Stochastic is also indicating overbought conditions and turning lower to signal a pickup in bearish pressure.

RSI, on the other hand, appears to be pointing higher. If buyers stay in control, crude oil could bust through the channel resistance and stage a reversal from the slide.

The pipeline cyberattack appears to have resulted in a massive shortage in gasoline in several US states, possibly weighing on overall commodity supply and leading to a pickup in prices. This would not be reflected in the upcoming EIA report yet, though, so traders might take the inventory numbers with a grain of salt.

Still, a large draw in stockpiles could signal that demand is already picking up while several economies have reopened. Business and consumer activity likely picked up in the past weeks, leading to stronger demand for fuel and energy commodities.

At the same time, risk-taking could favor gains for higher-yielding assets as investors anticipate positive momentum in the pandemic recover. Then again, the surge in cases and fatalities in India is weighing on global risk appetite since this could prompt another wave of lockdown restrictions.