Fundamental analysis of WTI

US benchmark WTI crude oil is currently trading near 79.50. Oil markets have come under pressure amid ongoing concerns over the possibility of lower demand for oil and the risk of a US interest rate hike. 
One of the most important factors affecting oil markets and traders is the upcoming speech of Federal Reserve Chairman Jerome Powell at a symposium in Jackson Hole. Expectations of this event have pushed the dollar to notable highs over the past decade, making oil less attractive to holders of non-dollar assets. PMI data showed a slowdown in business activity in major economies including the U.S., U.K., Japan and the euro zone, signaling a possible slowdown in global economic growth, which often puts downward pressure on oil demand. In addition, worries were exacerbated by the views of Boston Fed President Susan Collins. He raised the likelihood of another rate hike and emphasized that it is too early to talk about the timing of rate cuts. It is important to realize that rising interest rates will increase the cost of borrowed funds and may cause a depression in the economy, and hence lower demand for oil. 
At the same time, geopolitical factors are also playing a role. Iran has said that despite US sanctions, it believes its oil production will reach 3.4 million bpd by the end of September. There are also rumors that the U.S. may ease sanctions against Venezuela if its government moves toward transparent presidential elections. Such a move could lead to an increase in Venezuela's oil exports and provide some support to WTI crude prices. 
In addition, data from India, a key player in the oil sector, showed sluggish growth in oil consumption, which was affected by inflation and slowing global trade. It should be noted that the increase for the first seven months amounted to about 255 thousand barrels per day, significantly lower than last year. Despite these difficulties, market sentiment was relatively unaffected by Saudi Arabia's proposal to extend the production limit until next month. 
To summarize, despite the short-term price movement, all major indicators are trending downward this week. A combination of global economic indicators, geopolitical events and currency fluctuations are actively shaping oil market developments.
Technical analysis and scenarios:

WTI crude oil price is at 79.50, oscillating around the middle band of the Bollinger Bands. The bands indicate a narrowing range, with the upper boundary at 80.30 and the lower boundary at 78.00. This narrowing often precedes significant price movements, signaling the onset of a consolidation period. However, the general direction of the Bollinger Bands is downward, and the price is currently rising in the upper range. Given the price's proximity to the middle band and the recent upward trajectory within the upper band range, it may be a good strategy to consider a buy scenario. 
Main scenario (BUY)
Recommended entry level: 80.15.
Take Profit: 80.95.
Stop Loss: 79.50.
Alternative scenario (SELL)
Recommended entry level: 79.00.
Take Profit: 78.00.
Stop loss: 79.50.