Bulls take a breather ahead of OPEC+ meeting, crude inventories

WTI oil is consolidating under new seven-year high ($88.81), posted after six consecutive weeks of gains, as overbought daily studies and expectations of a rise in US crude inventories prompted some profit-taking.
Overall picture remains firmly bullish, supported by solid demand growth and prospects of a limited production increase by OPEC+ group, geopolitical tensions and cold winter.
Rising 10DMA tracks the advance since Dec 22 offers solid support at $86.05, which should ideally keep the downside protected, however deeper pullback cannot be ruled out, as weekly stochastic is strongly overbought.
Extended dips would face 20DMA ($83.67) and should not exceed Jan 24 higher low at $81.89 to keep bulls intact for fresh push higher and probe above $90 level.
Caution on loss of $81.89 handle that may weaken near-term structure, while break below $80 support would sideline bulls and signal deeper correction.
US crude inventories (API late Tuesday and EIA on Wednesday) are eyed for stronger direction signals.

Res: 88.50; 88.81; 90.00; 90.81
Sup: 86.05; 84.98; 83.68; 81.89