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 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 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 bias, and we're awaiting future price action to get some indication of where this market is looking to head.