On Friday, the WTI crude oil price pulled back from the session highs of about $98.03 to trade at about $93.76. The oil price trades within an ascending channel formation in the 60-minute chart.

The light crude oil price continues to trade slightly above the 100-hour moving average line, despite the pullback. However, it still has some 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 Michigan Consumer Expectations Index for April outperformed the expectation of 46.1, with a reading of 48.1, up from the previous month’s equivalent of 46.1. On the other hand, the Michigan Consumer Sentiment Index for the period outshone the estimate of 47.6, with a reading of 49.8, up from 47.6.

Elsewhere, the UoM 1-year consumer inflation expectation for the month fell short of the forecasted rate of 4.8%, with 4.7%, down from 4.8%. The UoM 5-year consumer inflation expectation for the period beat 3.4%, with 3.5%, up from 3.4%.

In the latest US crude inventories, the API weekly crude oil stock for last week fell to -4.4 million, down from the previous week’s equivalent of 6.1 million, beating the forecast of -1 million. 

On the other hand, the EIA crude oil stocks change for last week missed the forecasted change of -1.2 million, with a change of 1.925 million, up from the preceding week’s equivalent of -0.913 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 has recently pulled back to avoid entering overbought conditions.

Therefore, the bears will look to stretch the latest pullback towards $89.60 or lower at $85.38. On the other hand, the bulls will look to pounce on profits at about $98.03 or higher at $102.24.

WTI Crude Oil Technical Analysis (the Daily Chart)

In the daily chart, the light crude oil price trades within a descending channel formation. However, the 14-day RSI has recently bounced back to avoid falling into oversold conditions.

Therefore, the bears will look to extend the latest rebound towards $105.34 or higher at $117.49. On the other hand, the bears will look to pounce on profits at about $79.82 or lower at $66.45.