US Jobs Data Sparks Rebound in WTI Crude Oil Price

The price of WTI crude oil rebounded from its session lows to trade at around $78.20 on Friday, following the release of US jobs data for July.

The data showed that the number of new jobs created in July missed expectations, coming in at -23k, down from 20k in June.

However, the unemployment rate was better than forecasted, standing at 4.1%, down from 4.2% in June.

The average hourly wage growth for the month also fell short of expectations, coming in at 3.2%, down from 3.5% year-over-year.

From a technical perspective, the price of WTI crude oil is trading within an ascending channel formation on the 60-minute chart, with the 14-hour RSI moving closer to overbought conditions.