On Friday, the WTI crude oil price bounced back from the session lows of about $102.47 to trade at about $104.28. 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 after the rebound. As a result, it is on the verge of entering 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 market. The oil price continues to rise amid US-Iran tensions, despite Trump’s promise that the US will not attack Iran before the mid-term elections are over.
In the latest US economic data, preliminary annualized Q3 gross domestic product rose to 3.4%, beating expectations of 3.2%. The preliminary gross domestic product price index for the quarter missed the forecast, changing 2.2% versus 3.5%.
On the other hand, US personal income for September came in worse than expected, with a change of 0.2% versus a forecast of 0.3%, while personal spending missed 0.6%, with a change of 0.5%. The US personal consumption expenditures price index for September matched the forecasted (MoM) and (YoY) changes of 0.5% and 3.6%, respectively. The core personal consumption expenditures price index for the period was also in line with the estimates of 0.3% (MoM) and 3.1% (YoY).
In the latest US crude inventories, the API weekly crude oil stock increased to -2.031 million, up from the previous week’s equivalent of -4.93 million. On the other hand, the EIA crude oil stocks change for last week increased to -1.462 million, up from -3.061 million, below the forecast of -0.3 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 still has some room left to run before reaching overbought conditions.
Therefore, the bulls will look to extend the current rebound towards $106.86 or higher, up to $108.38. On the other hand, the bears will look to pounce on pullbacks at about $102.47 or lower, down to $100.03.
WTI Crude Oil Technical Analysis (the Daily Chart)
In the daily chart, the WTI crude oil price also trades within an ascending channel formation. The 14-day RSI also supports a long-term bullish bias as it advances closer to overbought conditions.
Therefore, the bulls will look to ride the current run of gains toward $109.30 or higher, up to $114.39. On the other hand, the bears will look to pounce on pullbacks at about $98.99 or lower, down to $93.70.