Fundamental analysis of WTI

WTI crude oil prices are trending higher, with the price trading near 83.70. per barrel at the end of the week. This is the fourth consecutive day of growth and the trend seems to be driven by a number of interrelated factors. 
The market expects OPEC+, including Saudi Arabia, to maintain the current production cuts. There is growing optimism that Saudi Arabia may resume a voluntary production cut of 1 million barrels per day next month. In addition, Russian Deputy Prime Minister Alexander Novak confirmed Russia's endorsement of the OPEC+ decision and hinted that the details of the production cuts will be announced soon. Russia plans to cut oil exports by 500,000 bpd in August, with more cuts expected in September. 
An additional factor in the geopolitical dynamics is the significant decline in US oil inventories. According to the report of the Energy Information Administration, the volume of oil last week decreased by 10.5 million barrels, which exceeded market expectations. At the same time, data from the American Petroleum Institute showed that US crude inventories fell significantly to 11.5 million barrels, the biggest decline since September 2016. 
Foreign economic indicators also play an important role in determining the direction of the oil market. The recent increase in factory activity in China and the Chinese government's support for the real estate market have boosted traders' optimism. However, concerns remain. The expected Chinese manufacturing PMI data will be under scrutiny, as a lower reading could weaken the upward momentum of WTI as China is the world's largest oil importer. In addition, upcoming economic events in the US, such as the manufacturing PMI, non-farm payrolls data and unemployment rate, will also play an important role in determining the direction of the WTI price in USD. 
In short, reduced supply, continued OPEC+ production cuts and some positive economic data combine to create a generally bullish outlook for oil prices in the short term. However, possible headwinds associated with economic data in China and the US could destabilize this scenario.
Technical analysis and scenarios:

The Bollinger Bands are widening, indicating increased volatility in WTI crude oil prices. The price is currently approaching the upper band, indicating that oil is trading at the upper end of its price range. The upward direction of the indicator suggests bullish momentum. Given that the price is trading near the upper Bollinger Band and above the middle band, the main scenario points to bullish momentum.
Main Scenario (BUY)
Recommended entry level: 84.05.
Take Profit: 85.00.
Stop loss: 83.70.
Alternative scenario (SELL)
Recommended entry level: 83.20.
Take Profit: 82.30.
Stop loss: 83.70.