On Friday, the WTI crude oil price pulled back from the session highs of about $92.57 to trade at about $90.32. 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 below the 100-hour moving average line after the pullback. However, it still has 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 US jobs data for October came in stronger than expected, with a net change of 165k versus a forecast of 65k, up from the previous month’s upward-revised figure of 60k. The unemployment rate for the month was also better than forecast, at 4.1% versus 4.2%, down from 4.2% in September. 

The average hourly wage growth for the month improved with a change of 0.4% (MoM) versus a forecast of 0.3%, up from the previous month’s change of 0.3%. The (YoY) equivalent decelerated to 3.1% versus the previous month’s revision of 3.2%, beating the forecast change of 2.9%. Elsewhere, the preliminary Michigan Consumer Sentiment Index for November rose to 51, up from 48 in October, beating the forecast reading of 48.

In the latest US crude inventories, the API weekly crude oil stock for last week fell to -5.267 million, down from the previous week’s equivalent of -2.031 million, and below the forecast of 2.1 million. On the other hand, the EIA crude oil stocks change for last week increased to -0.865 million, up from the preceding week’s equivalent of -1.892 million, but still fell below the forecast of 0.9 million.

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

Technically, the WTI crude oil price trades within an ascending channel formation on the 60-minute chart. However, the 14-hour RSI has recently pulled back to avoid rallying into overbought conditions.

Therefore, the bears will look to stretch the current pullback towards $88.13 or lower, down to $85.85. On the other hand, the bulls will look to pounce on extended gains at about $92.57 or higher, up to $94.75.

WTI Crude Oil Technical Analysis (the Daily Chart)

In the daily chart, the light crude oil price is about to complete a double-top reversal pattern formation. However, the 14-day RSI still has some room left to run before reaching oversold conditions.

Therefore, the bears will look to stretch the current pullback towards $83.00 or lower, down to $75.01. On the other hand, the bulls will look to pounce on rebounds at about $97.32 or higher, up to $104.98.