Renewed optimism about the on-going trade talks between the US and China have supported Oil prices • The two nations are the largest oil consumers; a trade deal could help to ease concerns about a decrease in demand • The rally in USOIL has also been fuelled by the OPEC output cuts and US sanctions on Iran and Venezuela • OPEC members reduced their output as planned, and further cuts are possible • The negative RSI divergence on the H4 chart suggests that USOIL is showing first signs of weakness • Key support to watch lies between $55.25 and $55.55 - which acted as major support/resistance several times in the past • ... (full story)