WTI Crude Oil Price Set for $100 Rally?

The price of WTI crude oil has been showing a clear bullish trend on its four-hour chart, forming higher highs and higher lows since late August. The current price of $92.30 is trading above the lower boundary of the ascending channel and the $90 level, indicating that the positive bias remains intact.

However, a strong rally can sometimes lead to a short-term correction before the uptrend resumes. The key technical test for buyers lies in the $94.10, $94.60 area, which aligns with the recent high on the chart and the upper boundary of the ascending channel.

A breakout above this area, followed by a sustained close above it, would provide a strong technical signal that bullish momentum is returning. This could drive WTI toward $96 and then $98, while the $100 level stands out as the key psychological and technical target for the next leg higher.