The bias could be towards the downside, as a wave C from the April 6 high of $60.90 looks incomplete. It is expected to travel below the March 23 low of $57.25.
"If a fulsome framework can be crafted in the coming weeks, significant quantities of Iranian oil will likely hit the market in H2 2021," RBC Capital analyst Helima Croft said in a note this week.
Stephen Innes, chief global markets strategist at Axi, said oil prices are expected to trade in a range between $60 and $70 as investors weigh these factors.
Brent crude futures lost 21 cents, or 0.3pc, to $62.53 a barrel by 11:15 a.m. EDT (1515 GMT) while U.S. West Texas Intermediate crude fell 25 cents, or 0.4pc, to $59.08.
Goldman Sachs said any potential recovery in Iranian oil exports would not be a shock to the market, and full recovery would not occur until summer 2022.
The output subindex climbed to 56.3 in March from 51.8 in February, also reaching its highest level since July 2019 but still below the series average of 57.3.
Brent crude futures for June fell 33 cents, or 0.5pc, to $64.53 a barrel by 0206 GMT while U.S. West Texas Intermediate crude for May was at $61.20 a barrel, down 25 cents, or 0.4pc.