• WTI's rally to $80 met with immediate resistance as traders took profits following the weekly peak

• Federal Reserve commentary initially boosted then cooled market sentiment

• Inventory data surprises showed smaller-than-expected builds in crude stocks

The cardano price predictionenergy markets witnessed significant movement this week as West Texas Intermediate crude oil futures first surged then retreated from key psychological levels. The commodity's price action reflected competing fundamental factors including central bank policy signals and supply-demand dynamics.

Wednesday's trading session proved particularly volatile following remarks from Federal Reserve Chair Jerome Powell during congressional testimony. While Powell's relatively optimistic economic assessment initially supported risk assets, including commodities, the subsequent realization that rate cuts might not arrive as soon as some traders hoped triggered profit-taking.

Inventory reports from both the API and EIA showed smaller crude stock builds than analysts anticipated, providing underlying support to prices. The EIA's weekly data indicated a 1.367 million barrel increase, significantly below both forecasts and the prior week's figures. This tightening supply picture helped limit WTI's pullback from session highs.

Technical Factors Influencing Crude's Movement

From a chart perspective, WTI's rejection at the $80 level wasn't entirely surprising given recent price action. The commodity has struggled to maintain momentum above this round-number resistance zone, with the 200-day moving average continuing to act as both support and resistance at different times.

Traders noted that while Wednesday's high marked the best level in over a week, follow-through buying failed to materialize. The subsequent retreat found temporary support near $78.50, creating a potential range-bound scenario for near-term trading.

The daily chart shows WTI remains caught between significant technical levels, with the 200-day SMA around $77.85 representing a key pivot point. Until either $80 resistance or $77 support breaks decisively, the commodity may continue to oscillate within this defined range.

Looking Ahead: Key Factors to Watch

Market participants will be closely monitoring several upcoming developments that could influence WTI's trajectory:

• Friday's Nonfarm Payrolls report could shift risk sentiment

• Continued inventory drawdowns might provide fundamental support

• Technical indicators suggest potential for range-bound trading

While the immediate reaction to Fed commentary and inventory data has played out, the broader narrative around global economic growth and energy demand continues to evolve. Traders should remain attentive to both macroeconomic signals and industry-specific developments when assessing WTI's next potential moves.