On Friday, the WTI crude oil price pulled back from the session highs of about $94.41 to trade at about $92.16. The oil price trades within a descending channel formation on the 60-minute chart. 

The light crude has now fallen to trade slightly below the 100-hour moving average line after the pullback. However, 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 Michigan Consumer Sentiment Index for September outperformed the expectation of 47.6, with a reading of 48.1, up from the previous month’s equivalent of 47.8. The UoM 1-year and UoM 5-year consumer inflation expectations for the period matched the forecasts of 4.6% and 3.4%, respectively, unchanged from August. 

On the other hand, US durable goods orders for August came in stronger than expected, with a change of 0% versus a forecast of -0.4%. The durable goods orders ex-transportation fell short of the forecast change of 0.6%, with a change of 0.3%, while the nondefense capital goods orders ex-aircraft for the period outshone the estimate of 0.5%, with a change of 1.6%. 

In the latest round of US crude inventories, the API weekly crude oil stock for last week missed the expectation of -0.5 million, with 1.786 million, down from the previous week’s equivalent of 7.14 million. On the other hand, the EIA crude oil stocks change for last week increased to 2.969 million, up from the preceding week’s -0.64 million, missing the forecast change of -0.7 million.

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

Technically, the WTI crude oil price trades within a descending channel formation on the 60-minute chart. However, the 14-hour RSI still has some room left to run before reaching oversold conditions. 

Therefore, the bears will look to stretch the current pullback towards $89.72 or lower, to $87.13. On the other hand, the bulls will look to pounce on rebounds at about $94.41 or higher, at $96.83.

WTI Crude Oil Technical Analysis (the Daily Chart)

In the daily chart, the light crude oil price trades within an ascending channel formation. However, the 14-day RSI has recently pulled back to avoid rallying into overbought conditions.

Therefore, the bears will look to extend the current pullback towards $79.63 or lower, to $65.64. On the other hand, the bulls will look to pounce on profits at about $106.39 or higher, at $119.77.