The oil price on Wednesday bounced off the 100-hour moving average to trade at $69.75. The WTI Crude oil price earlier pulled back off the current 2-year highs of about $70.50 to trade at $69.45 ahead of the EIA crude oil report. The oil price continues to trade within an ascending channel formation in the 60-min chart. Wednesday’s pullback pushed the light crude oil price closer to the oversold levels of the 14-hour RSI. This triggered the late rebound. WTI Crude Oil Fundamentals Overview: From a fundamental perspective, oil prices continue to retain a bullish outlook after the OPEC+ members decided to keep the ... (full story)