WTI crude oil is trading sideways inside a range with support around $80.75 per barrel and resistance close to $85 per barrel. Price bounced off the range top and could be due for another dip to support.

The 100 SMA is below the 200 SMA to confirm that the path of least resistance is to the downside. Price is also moving below both indicators as an early indication of selling pressure.

Stochastic is on the move down but already dipping into the oversold region to signal exhaustion among sellers. Turning higher would mean that buyers are starting to take over, possibly leading to another rally back to the range resistance.

RSI has more room to head south, so price could keep following suit until oversold conditions are met.

Crude oil retreated after the OPEC revealed that the increase in production fell short of their deal to boost output by 400K barrels per day until the end of the year. Production remains crippled due to the outages in Libya and Nigeria, knocking out at least 100K barrels per day in supply.

OPEC ministers have another meeting lined up later this week, and any changes to their output deal might spur volatility for the commodity. The lack of any increase in production targets, on the other hand, could keep prices supported.

The upcoming inventory reports from the American Petroleum Institute and Energy Information Administration would likely determine the direction of oil prices later in the week. It appears that energy crunch fears have eased, but demand continues to advance as more economies are reopening from lockdowns.

A large draw in stockpiles might also reflect stockpiling activity, as some businesses might be keen on making purchases in advance before prices head any higher. A large build, on the other hand, might signal that supply is starting to keep up with the pickup in demand.