US crude oil and refined product stockpiles likely fell last week, with distillate inventories seen drawing down for fifth straight week, a preliminary Reuters poll showed on Monday.
Analysts are reviewing their price forecasts to reflect the continued supply restraint by OPEC+ as well as US shale producers, who are holding back spending in order to boost returns to investors.
The world's third biggest oil importer and consumer, India had been urging major producers to ease output cuts and help global economic recovery from the coronavirus pandemic as well as rein in prices.
However, Bjarne Schieldrop, chief commodities analyst at SEB research group, said: "There is within the alliance a major difference of opinion on the capacity of the oil market to absorb new volumes."
However, it is not very clear if the contract bounces towards $61.70 first, before breaking $59.41. Signals on the hourly chart suggests a small chance of the bounce.
The trend was driven by a wave C, which is roughly equal to the preceding wave A. This equality suggests a reversal of the uptrend from the April 22, 2020 low of $15.98.