US benchmark West Texas Intermediate (WTI) for June delivery eased eight cents to USD 58.86 while Brent crude for June gained seven cents to USD 65.61 in late-morning trade. WTI tumbled USD 1.99 in New York and Brent closed down USD 2.23 in London. There's been volatility coming into the crude market in the past few days and concerns about rising crude supply is one of the reasons. The market has become sensitive to data about supply... On one hand some are seeing supply as slowing but the numbers are not showing this effect. The country's exports dipped by 1.2 per cent to USD 310.5 billion in 2014-15 as against USD 314.4 billion in the previous fiscal (2013-14). Exports started declining since October 2014 and contracted to 21.1 per cent in March, the biggest fall in last six years. A poor jobs report is likely to weaken the dollar which could boost buying interest in oil. The options market is predicting that crude oil will remain range-bound at $50-$70 a barrel, rather than continuing to make massive moves, although implied volatility is still elevated versus recent historical averages. Crude Oil Option Trade Idea: The intermediate trade for crude oil is slightly upward direction though it is within a range of $50-$70. We’ve seen high open interest at 4284 in Crude Oil Jul 2015 55 Call (NYMEX:LO.C). We could sense slight upward momentum on this instrument in upcoming trading sessions. Although the long trend for Crude is downtrend, one can think of adding portfolio with this profitable commodity option instruments for a short term gains.