On Friday, the WTI crude oil price extended Thursday’s pullback from $95.05 to trade at about $81.36 after the latest data. The oil price trades within a descending channel formation in the 60-minute chart.

The light crude oil price has now fallen to trade several levels below the 100-hour moving average line. It continues to trade in the oversold levels of the 14-hour RSI despite attempting a rebound.

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 Thursday, the US initial jobless claims for last week fell to 207k, down from 218k in the preceding week, beating the forecasted claim count of 215k. The Philadelphia Fed Manufacturing Survey for April also came in better than expected, with 26.7 versus a forecast of 10, up from the previous month’s equivalent of 18.1. 

On the other hand, the industrial production for March missed the expected (MoM) change of 0.1%, with a change of -0.5%. The NY Empire State Manufacturing Index for April came in at 11, up from -0.2, beating the forecasted reading of -0.5.

In the latest US crude inventories, the API weekly crude oil stock for last week rose to 6.1 million, up from the previous week’s equivalent of 3.719 million, missing the forecast of -1.3 million. 

On the other hand, the EIA crude oil stocks change for last week fell to -0.913 million, down from the preceding week’s equivalent of 3.081 million, beating the forecasted change of 0.2 million.

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

Technically, the light crude oil price trades within a descending channel formation in the 60-minute chart. The 14-hour RSI also supports a bearish bias after entering oversold conditions.

Therefore, the bears will look to stretch the latest pullback towards $74.24 or lower to $67.11. On the other hand, the bulls will look to pounce on profits at about $88.21 or higher at $95.05.

WTI Crude Oil Technical Analysis (the Daily Chart)

In the daily chart, the light crude oil price also trades within a descending channel formation. The 14-day RSI also supports a bearish bias after recently pulling back to recover from overbought conditions.

Therefore, the bears will look to stretch the current pullback towards $62.81 or lower to $44.00. On the other hand, the bulls will look to pounce on rebounds at about $98.78 or higher at $117.59.