On Thursday, the WTI crude oil price pulled back from the session highs of about $93.36 to trade at about $90.71. The oil price trades within a sideways channel formation on the 60-minute chart.

The light crude oil price continues to trade slightly above the 100-hour moving average line, despite the pullback. As a result, 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 Thursday, Trump shared a statement on social media promising the continuous flow of oil and guaranteeing the U.S. will not fire on Iran before the midterm elections are done. 

In the latest US economic data, the initial jobless claims for last week fell to 197k, down from the previous week’s revised figure of 199k, and better than the forecast claim count of 200k. Earlier in the week, the US ISM Services PMI for September missed the expected reading of 55, with a reading of 54.9, down from the preceding week’s equivalent of 55.4. On the other hand, the S&P Global Composite PMI for the month remained unchanged at 58.4, in line with expectations.

In the latest US crude inventories, API weekly crude oil stocks fell to -2.1 million, down from the previous week’s 1.019 million. Meanwhile, the EIA crude oil stocks change for last week came in better than expected, at -3.186 million versus a forecast of 1.9 million, down from the preceding week’s equivalent of 0.922 million.

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

Technically, the WTI crude oil price trades within a sideways channel formation in the 60-minute chart. However, the 14-hour RSI has recently pulled back to recover from overbought conditions.

Therefore, the bears will look to extend the current pullback towards $87.81 or lower, down to $85.19. On the other hand, the bulls will look to pounce on rebounds at about $93.36 or higher, up to $95.96.

WTI Crude Oil Technical Analysis (the Daily Chart)

In the daily chart, the light crude oil price trades within an ascending channel formation. However, the 14-day RSI has recently pulled back to recover from overbought conditions.

Therefore, the bears will look to stretch the current pullback towards $82.15 or lower, down to $74.09. On the other hand, the bulls will look to pounce on rebounds at about $98.66 or higher, up to $106.73.