• WTI has rallied into a potential area of resistance on the daily chart. 
• Bears need to commit at this juncture or face pressures towards $72.00 and then the $73.20s.

West Texas Intermediate WTI crude oil was headed for a higher close on Thursday marking the largest one-day percentage gain, so far, since the start of the month. The rise comes after the International Energy Agency on Wednesday hiked its 2023 demand forecast and Chinese refinery data showed rising demand from the world's No.1 importer.

At the time of writing, the black gold is trading 2.71% higher after rallying from a low of $68.03 to a high of $70.93 so far. This has seen the price move into the M-formation's neckline and a potential resistance zone. However, as the following analysis illustrates, the bulls could well commit at this juncture to complete the final leg of the W-formation:

WTI daily chart

This will expose $72 the figure in the coming session and then $73.20s.