Will continuing OPEC+'s output hikes weigh on oil prices?
Oil prices lack clear direction ahead of the upcoming OPEC+ monthly meeting and shifting US tariff policy signals.
With the meeting moved to 30 May, markets expect major oil producers to approve an additional daily output hike of 411k barrels.
Meanwhile, US President Trump's decision to temporarily delay a 50% tariff on the EU has boosted risk appetite, supporting a rebound in oil prices.
USOIL retested the support at 60.00 and currently consolidates within the range of 60.00–62.00. The price hovers around EMA21, awaiting an additional trigger for a breakout.
If USOIL falls below 60.00, the price may retreat to the next support at 55.00.
Conversely, if USOIL breaches above the descending trendline, the price could advance toward the resistance at 64.50.