WTI crude oil looks ready to resume the uptrend, as price is finding support at the bottom of its rising channel on the short-term time frames.

Price is already up to the mid-channel area of interest and could carry on with the move to the top, which is around the $70 per barrel major psychological resistance.

The 100 SMA is also holding as support at the channel bottom, and this faster-moving MA is above the 200 SMA to confirm that the uptrend is more likely to resume than to reverse.

Stochastic is moving up, so price could follow suit while buyers are in control. However, the oscillator is also closing in on the overbought zone to reflect exhaustion among bulls. Turning lower might mean that sellers are ready to take over.

RSI has more room to climb before reflecting overbought conditions, which suggests that buyers could stay in the game for a bit longer.

Crude oil could take its cues from the inventory reports to be released by the API and EIA this week. A draw of 2.5 million barrels is expected from the Department of Energy, lower than the earlier reduction of 3 million barrels.

Traders are also anticipating supply disruptions coming from Hurricane Ida hitting the Gulf Coast and some refineries in other states. However, demand might also weaken as the Delta variant spread continues to weigh on business and consumer activity.

The OPEC-JMMC meetings are worth keeping tabs on, as any recommendations from the staff to reduce production might translate into action from the cartel later on. Recall that the OPEC agreed to increase output by 400K barrels per day from August to December, but the pandemic has led to another set of lockdown measures recently, weighing on global demand.