WTI crude oil continues to climb, as support at the mid-channel area of interest on its ascending channel held. The Fibonacci extension tool shows the next potential upside targets.

The 38.2% level lines up with the swing high at $82.25 per barrel then the 50% level is near the channel top at $83.12 per barrel. Stronger bullish momentum could take crude oil to the 61.8% level at the $84 per barrel major psychological mark. The 76.4% level is at $85.08 per barrel, and the full extension is at $86.83 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 indicators is widening to reflect strengthening bullish momentum as well.

Stochastic is still on the move up to show that buyers have the upper hand, but the oscillator is dipping into the overbought zone to suggest exhaustion. Turning lower would mean that sellers could take over.

RSI has a bit more room to climb before reaching the overbought area, so price could follow suit as buyers stay in control for longer.

Crude oil inventories rose by 6.1 million barrels based on the EIA report, higher than the projected increase of 1.1 million barrels. This led to a dip in prices, but it looks like the commodity is regaining ground on account of the energy crunch worldwide.

Weather disturbances are still disrupting production in other parts of the globe, leading to weaker supply levels, while demand picks up on account of more economies and businesses reopening.

Keep in mind that the OPEC refrained from increasing it production goal, deciding instead to maintain their deal of pumping out an additional 400K barrels per day until December.