On Friday, the WTI crude oil price bounced from the session lows of about $82.13 to trade at about $83.51 after the latest US data. The oil price trades within an ascending channel formation on the 60-minute chart.

The light crude oil price has now advanced to trade slightly above the 100-hour moving average line. However, it still has some room left to run before reaching the overbought levels of the 14-hour RSI.

WTI Crude Oil Fundamentals Overview

From a fundamental perspective, the light crude oil price trades during a relatively busy period in the US market. On Friday, the Michigan Consumer Sentiment Index for August rose slightly to 51.7, up from 51, beating the forecasted reading of 51. The Michigan Consumer Expectations Index for the period also beat the expectation of 50.6, with a reading of 51.5, up from 50.6 in July. 

On the other hand, the UoM 1-year consumer inflation expectations for the month missed 4.3%, with a rate of 4%, down from the previous month’s equivalent of 4.3%. The UoM 5-year consumer inflation expectations for the period were unchanged at 3.3%, as expected. 

In the latest US crude inventories, the API weekly crude oil stock for last week missed the expectation of 1.9 million, with 4.2 million, up from the previous week’s equivalent of -0.328 million. 

On the other hand, the EIA crude oil stocks change for last week came in better than expected, at 0.095 million versus a forecast of 1.9 million, down from the preceding week’s equivalent of 4.405 million. 

WTI Crude Oil Technical Analysis (the 60-min Chart)

Technically, the light crude oil price trades within an ascending channel formation on the 60-minute chart. However, the 14-hour RSI still has room left to run before reaching overbought conditions.

Therefore, the bulls will look to extend the current run of gains toward $84.69 or higher to $86.10. On the other hand, the bears will look to pounce on pullbacks at about $82.13, or lower at $80.71.

WTI Crude Oil Technical Analysis (the Daily Chart)

In the daily chart, the WTI crude oil price trades within a descending channel formation. However, the 14-day RSI has recently bounced back to avoid falling into oversold conditions.

Therefore, the bulls will look to stretch the latest rebound towards $87.96 or higher to $92.97. On the other hand, the bears will look to pounce on profits at about $78.71, or lower at $73.45.