WTI crude oil prints mild gains around $68.65 as it pares the biggest weekly loss since early December on Friday. In doing so, the energy benchmark justifies the price-positive technical details while also taking clues from the market’s cautious optimism.

That said, the bullish Doji candlestick on the daily chart formation joins the oversold RSI (14) line to favor the WTI crude oil’s corrective bounce off the lowest levels since December 2021. Adding strength to the corrective bounce could be the US Dollar’s latest retreat, as well as hopes of overcoming the fears of the 2008 financial crisis.

It should be noted that the headlines suggesting China’s gradual economic recovery, shared by Bloomberg, join the talks suggesting a continuation of the Oil supply accord by the major energy producers favor the black gold buyers.

However, US President Joe Biden’s push for using the Strategic Petroleum Reserve (SPR) joins the looming economic recession woes, emanating from the US and European banks, seem to weigh on the WTI prices. Earlier in the day, US Energy Envoy Amos J Hochstein mentioned that US President Biden is committed to replenishing strategic oil reserves.