WTI Crude Oil Pulls Back to $89.50 Amid Mixed US Economic Signals
The WTI crude oil price pulled back from its weekly highs to trade at $89.50, extending Thursday's decline from about $93.54.
This move comes as the latest data is released, with the oil price trading within an ascending channel formation in the 60-minute chart.
The light crude oil price continues to trade above the 100-hour moving average line, indicating some room left for growth before reaching oversold levels of the 14-hour RSI.
From a fundamental perspective, the light crude oil price trades during a relatively busy period in the US market. The preliminary S&P Global Manufacturing PMI for July missed expectations at 53.8, down from 53.9 last month. However, the preliminary S&P Global Services PMI beat expectations at 53.6, up from 51.2 last month.
New Home Sales rose to 0.628 million in June, beating forecasts of 0.61 million. Initial jobless claims for the last week fell to 187k, down from 209k and beating forecasts of 212k.