Oil prices came under pressure after data showed an increase in US oil production at the end of March.
The upbeat sentiment has softened after the US crude dipped below the 20 and 30-day moving averages for the first time in four months. The bearish MA cross may attract more sellers.
On the hourly chart, the price action is currently in a rectangle consolidation between 57.20 and 62.20.
A bearish breakout could trigger a broader sell-off towards 52s, while 64.70 would be the immediate target on the upside.
