Fundamental analysis of WTI

WTI crude oil prices rose for the third day in a row, mainly due to continued supply cuts by Saudi Arabia and Russia. Strong economic data from China, the world's largest oil importer, and upbeat economic data from the US also boosted the market. 
OPEC+, which includes Saudi Arabia and Russia, unanimously decided to extend production cuts until the end of the year in a coordinated effort. Analysts are sounding the alarm, predicting a market deficit of nearly 2 million barrels per day in the fourth quarter due to OPEC+ restrictions. Such a large deficit will certainly deplete inventories and could raise concerns about price increases in 2024. Market participants forecast oil prices to stabilize at a comfortable level above the 90.00 threshold, guided by demand forecasts from major global companies. In addition to this forecast, global oil demand is expected to increase by 2 million barrels per day, which coincides with the forecasts of the International Energy Agency and OPEC. 
WTI prices have been positively impacted by a strengthening Chinese economy, highlighted by recent stimulus measures and strong retail sales growth of 4.6% year-on-year in August (vs. 2.5% expected).
This week, oil traders are looking forward to the Federal Reserve's interest rate decision on Wednesday. Although no fundamental changes are expected, the press conference of Fed Chairman Jerome Powell and the upcoming release of the US PMI data for September will be important. These could have a significant impact on the WTI price in USD and provide traders with a potential opportunity to capitalize on market fluctuations.
Technical analysis and scenarios:

WTI crude oil is trading at 90.70, well above the key support level of 90.00. Bollinger Bands, a critical indicator of volatility, show that the upper band is located at 91.25, the middle band at 89.35, and the lower band at 87.56. The bands are widening indicating increased volatility and the price is currently in the upper band indicating bullish momentum.
Main scenario (BUY)
Recommended entry level: 91.50.
Take Profit: 92.50.
Stop loss: 90.70.
Alternative scenario (SELL)
Recommended entry level: 90.00.
Take Profit: 89.50.
Stop loss: 90.30.