The WTI crude oil price on Friday pulled back before finding strong trendline support at about $84.92. The price of light crude oil now appears to be trading within a gently ascending channel formation in the 60-min chart.

However, it is still far from reaching the 100-hour moving average line. The WTI crude oil recovered from the oversold conditions of the 14-hour RSI to rally towards the median point of the strength index indicator.

WTI Crude Oil Fundamentals Overview

From a fundamental perspective, the oil price is trading at the back of a relatively busy period in the global markets. On Friday, the preliminary Michigan Consumer Sentiment Index for September missed the expectation of 60 with 59.5. Elsewhere, the US retail sales control group also came short of 0.5% with a change of 0.6%, while general retail sales beat 0% with a change of 0.3% (MoM). In the UK, retail sales for August missed expectations on both (YoY) and (MoM) basis, while the consumer price index also came short of forecasts.

In the latest US crude inventory data, the API Weekly Crude Oil Stocks for last week increased to 6.035 million barrels up from 3.645 million in the previous week. On the other hand, the EIA WTI Crude Oil Stocks Change for last week missed the expectation of 0.833 million barrels with a change of 2.442 million. However, the figure was relatively lower compared to the previous week’s equivalent of 8.844 million.

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

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

Therefore, the bulls will be targeting short-term rebound profits at about $86.23 or higher at $88.00. On the other hand, the bears will look to pounce on profits at about $83.33 or lower at 481.45.

WTI Crude Oil Technical Analysis (the Daily Chart)

In the daily chart, the WTI Crude Oil price seems to be trading within a descending channel formation. This indicates a significant long-term bearish bias in the market sentiment.

Therefore, the bears will be looking to extend the current streak of declines toward $78.47 or lower to $69.79. On the other hand, the bulls will be targeting potential rebounds at about $93.83 or higher at $102.18.