On Friday, the WTI crude oil price pulled back from the current week’s highs of about $104.24 to trade at about $99.03. The oil price trades within an ascending channel formation on the 60-minute chart.

The light crude oil price continues to trade a few levels above the 100-hour moving average line, despite the pullback. As a result, it still has some room left to run before reaching the oversold 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 US consumer price index for August matched the forecast (MoM) change of 0.4%. The (YoY) equivalent was also in line with the estimate of 3.4%. 

On the other hand, the consumer price index ex-food and energy for the month outperformed the (MoM) forecast of 0.2%, with a change of 0.3%, while the (YoY) equivalent was in line with the estimate of 2.4%. 

Elsewhere, the preliminary Michigan Consumer Sentiment Index for September fell to 47.8, down from the previous month’s equivalent of 51.7, missing the forecast reading of 51.

In the latest US crude inventories, the API weekly crude oil stock for last week increased to -0.3 million, up from the previous week’s equivalent of -2.6 million, missing the forecast of -1.3 million. On the other hand, the EIA crude oil stocks change for last week rose to -0.391 million, up from the preceding week’s equivalent of -4.45 million, missing the forecast change of -1.6 million.

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

Technically, the WTI crude oil price trades within an ascending channel formation in the 60-minute chart. However, the 14-hour RSI has recently pulled back to recover from overbought conditions.

Therefore, the bears will look to stretch the current pullback towards $94.21 or lower, down to $88.89. On the other hand, the bulls will look to pounce on rebounds at about $104.24 or higher, up to $109.15.

WTI Crude Oil Technical Analysis (the Daily Chart)

In the daily chart, the light crude oil price also trades within an ascending channel formation. The 14-day RSI also supports a long-term bullish bias after ascending into overbought conditions.

Therefore, the bulls will look to extend the current run of gains toward $118.56 or higher, up to $136.06. On the other hand, the bears will look to pounce on pullbacks at about $80.63 or lower, down to $61.67.