WTI Crude Oil Pulls Back Amid Mixed US Economic Data

The price of WTI crude oil pulled back from its session high on Friday to trade at $95.89, down from about $98.49. The oil price is currently within a descending channel formation on the 60-minute chart.

From a fundamental perspective, the US industrial production for August missed expectations with no change in the month-over-month (MoM) reading. The September Philadelphia Fed Manufacturing Survey was stronger than forecasted at 37.8, down from 47.4 last month. However, pending home sales for August fell short of forecasts with a 0.3% MoM change.

The Federal Reserve raised the base interest rate by 25 basis points to 4%, up from 3.75% as expected. US crude inventories saw an increase in last week's API weekly stock, reaching 7.14 million barrels, missing forecasts of -1.8 million. The EIA crude oil stocks change for last week fell to -0.64 million, down from the preceding week's -0.391 million and below forecasts of -1.6 million.

Technically, the WTI crude oil price is trading within a descending channel formation on the 60-minute chart. However, the 14-hour RSI has recently bounced back to recover from oversold conditions. This may lead bulls to target $98.49 or higher, up to $102.33.