Fundamental analysis of WTI

WTI crude oil prices had a turbulent week, putting downward pressure to 80.00, largely due to the expected recovery of Iraqi oil exports and economic developments in China and the US. 
The possibility of Iraq resuming oil exports is attracting a lot of attention. The discussion on resumption of exports became a priority after the visit of Iraqi Oil Minister Hayan Abdulghani to Ankara. Earlier, Turkish authorities suspended these exports following a decision by the International Chamber of Commerce. An influx of Iraqi oil could alleviate the current supply shortage, which is exacerbated by the ongoing OPEC+ production cuts and Saudi Arabia's self-regulation. It has pledged to cut output in an effort to stabilize it at around 9 million bpd in September, about 1 million bpd less than in August. 
Meanwhile, economic concerns overshadowed the oil market. A mild rate cut in China did not help the markets. Market participants had hoped for more fiscal stimulus given China's seemingly weakening economic strength. As China is the second largest oil consumer in the world, its economic condition has a significant impact on the WTI price. 
At the same time, the United States is struggling with monetary policy dynamics. There is growing speculation that the U.S. Federal Reserve may raise interest rates again, despite strong labor force data and declining inflation. Higher interest rates could lead to higher borrowing costs, slower economic growth and consequently lower demand for oil. Fed Chairman Jerome Powell's upcoming speech at the Jackson Hole Symposium will bring all eyes on the US economy for clarity. 
As for short-term data, the market will pay close attention to the upcoming results from the American Petroleum Institute and the Energy Information Administration. Their report on US crude oil and gasoline inventories should be an important indicator for traders. Thus, while the resumption of oil exports from Iraq may ease some supply concerns, macroeconomic conditions in key markets such as China and the US suggest a cautious, if not bearish, sentiment.
Technical analysis and scenarios:

Based on the key levels and indicators presented, WTI crude oil is showing consolidation characteristics, with price near the $80.00 mark and trading in the lower range of the Bollinger Bands, near the middle band. Technical indicators suggest that WTI crude oil is currently consolidating. The price movement should be watched closely to determine the direction of the breakout. The horizontal direction of the Bollinger Bands and the narrowing of the price range hint at the possibility of a significant move soon when the consolidation phase ends. Traders should be prepared for both bullish and bearish scenarios, adapting their strategies depending on the emerging price situation and market data in the coming days.
Main scenario (BUY)
Recommended entry level: 80.50.
Take Profit: 81.50.
Stop loss: 80.00.
Alternative scenario (SELL)
Recommended entry level: 79.70.
Take Profit: 79.00.
Stop loss: 80.00.