Fundamental analysis of WTI

On Tuesday, WTI crude oil prices declined and reached an intraday low of around 81.00 USD. This drop came after a relatively calm start to the week. 
One of the main reasons for concern is economic and geopolitical concerns about China, one of the world's largest oil consumers. Despite the fact that China recorded a trade surplus in July, the country is showing signs of economic crisis and worsening import and export situation. China, despite its large consumption pattern, reported an 18.8% drop in crude oil imports in July, the lowest since the beginning of the year. A number of factors contributed to the drop in demand, including production cuts by major oil exporters and a rise in China's onshore crude inventories. In addition, geopolitical concerns intensified after India banned drone manufacturers from using Chinese components, further increasing restrictions on electronic equipment imports. 
Amid escalating geopolitical tensions, there were signs of optimism in the oil market. The largest oil producers - Saudi Arabia and Russia - made important decisions on production cuts. Saudi Arabia confirmed its intention to continue its voluntary production cuts of 1 million barrels per day until September, even raising the possibility of an extension or deeper cuts. Following Saudi Arabia, Russia plans to cut oil exports by 300,000 bpd in September. This approach emphasizes OPEC+'s commitment to market stability. In addition, their latest strategy confirms an export cut of 3.66 million bpd in 2023 and reinforces a 1.4 million bpd cut from 2024. 
  
At the same time, other macroeconomic factors are also influencing the oil market. The resilience of the US dollar index, consolidating at 102.360, combined with uncertain signals from Federal Reserve officials put additional downward pressure on oil prices. Sentiment on US markets looked cautious, with S&P 500 index futures down slightly and US Treasury yields under pressure. 
 
In the short term, while bullish factors such as production cuts by major companies offer hope, bearish factors such as China's deep import cuts cannot be ruled out. Upcoming data releases, including the US trade balance and trade optimism index, as well as China's consumer price index, will provide traders and analysts with clearer benchmarks for tracking crude oil.
Technical analysis and scenarios:

The current price is just above the primary support level of $80.50, which is also located near the lower range of the Bollinger Bands. Since the Bollinger Bands indicator is pointing upwards and the price is in the lower range, this indicates the potential for an upward move from current levels. Given the current technical indicators and support-resistance levels, traders should remain vigilant towards the $80.50 level. A sustained move above this level could lead to bullish opportunities, while a break below it could initiate a bearish phase. 
Main scenario (BUY)
Recommended entry level: 81.50.
Take Profit: 83.00.
Stop-loss: 80.50.
Alternative scenario (SELL)
Recommended entry level: 80.50.
Take Profit: 79.50.
Stop loss: 81.50.