The WTI Crude Oil price on Thursday pulled back to trade at around $107 per barrel before bouncing back late on to $108.66. The light crude oil price continues to oscillate within an ascending channel formation in the 60-min chart. 

The oil price spiked earlier in the session to hit a new multi-year high of about $111. It continues to trade above the 100-hour moving average line despite the pullback. The light crude oil now trades centrally in the 14-hour RSI.

WTI Crude Oil Fundamentals Overview

From a fundamental perspective, the light crude oil is trading at the back of a relatively busy period in the market. The oil price is surging on the back of the news the EU is planning a Russian oil ban, thus sparking supply constraints. Moreover, with the US Federal Reserve raising the base interest rate to 1% up from 0.5%, there are fears this could be bad for the economy amid a backdrop of a disappointing round of economic data. 

Elsewhere, oil is trading at the back of a significant decline in US inventories. Earlier in the week, the API Weekly Crude Oil Stocks for last week fell to -3.479 million barrels down from the previous week’s equivalent of 4.784 million. On the other hand, the EIA Crude Oil Stocks change report for the week ending April 29 showed a change of 1.302 million, missing the expectation of -1.167 million, and up from 0.692 million barrels reported for the preceding period.

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

Technically, the light crude oil price seems to be trading within an ascending channel formation in the 60-min chart. This indicates a significant short-term bullish bias in the market sentiment.

Therefore, the bulls will be looking to stretch the current rally towards $110.57, or higher to $112.48. On the other hand, the bears will be targeting potential pullback profits at about $107.10, or lower at $105.07.

WTI Crude Oil Technical Analysis (the Daily Chart)

In the daily chart, the light crude oil price seems to have recently completed an upward breakout from a triangle formation. This indicates that the bulls are winning the long-term technical battle against the bears.

Therefore, they will be looking to retain control of the oil price by targeting profits at about $115.46, or higher at $124.47. On the other hand, the bears will target long-term profits at about $101.66, or lower at $93.22.