Oil is trading in an interesting way on the 1H chart. It's sitting at a point of equilibrium between buyers and sellers, as indicated by both RSI and Slow-Stochastic readings of around 50. Looking at the overall market structure, we can see oil had a highly impulsive move downwards, but has since been consolidating in a wedge type formation. The interesting aspect of this wedge is that if we take a close look, we'll see the bullish candles are fewer, yet carry a heavier punch to them. That is interesting to us, this kind of situation may convey to us that oil is possibly basing. Therefore, we're currently neutral on oil, we no longer have a big bearish bias, and we're awaiting future price action to get some indication of where this market is looking to head.