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USOIL chart - Trading View
USOIL extends previous session's losses, trades 1.84% lower at the time of writing at $61.42.
Bearish pressure mounting on West Texas Intermediate oil prices ahead of EIA inventories data.
Crude oil prices turned south after reaching fresh monthly highs at $64.36 on Tuesday's trade.
Reports that the US House Judiciary Committee has passed a bill that would open OPEC to antitrust lawsuits over production cuts weighed heavily on crude oil prices.
Meanwhile, the weekly data published by the American Petroleum Institute (API) showed on Tuesday that crude oil inventories in the US rose by 436,000 barrels.
Focus now shifts to the US Energy Information Administration's Crude Oil Stocks Change data for the week ending April 16 for fresh impetus.
Intraday bias for the pair has turned bearish, but major trend remains bullish. Retrace is likely to find strong support at 55-EMA at 59.62. Breach below will change near-term dynamics.