Direction of the next major move unclear given elevated uncertainty – BMO

West Texas Intermediate (WTI) continues to trade in a relatively tight band of $75 to $80 per barrel. Strategists at the Bank of Montreal analyze Oil’s outlook.

Searching for direction

Although it appears that WTI Oil is sitting comfortably at current levels for now, we suspect that it may not last. 

Given crude Oil’s historic price volatility, prices may eventually break out of the current trading range, but we are admittedly not sure of the direction of the next major move given elevated uncertainty.