Commodities
WTI Crude Oil Pulls Back from Session Highs to Trade at $99.03
The WTI crude oil price pulled back from its session highs of around $104.24 to trade at about $99.03 on Friday, according to FXDailyReport.Com.
This pullback occurred within an ascending channel formation on the 60-minute chart, indicating that there is still some room left for the oil price to run before reaching oversold levels of the 14-hour RSI.
The light crude oil price continues to trade a few levels above the 100-hour moving average line, supporting a bullish bias in the short term.