WTI crude oil settled lower by $1.16 to $57.13 per barrel.

That's another down day for crude but oil companies are probably feeling a sigh of relief given that OPEC+ raised production on the weekend and there was a report saying they would continue to add barrels until there was cooperation from Kazakhstan and Iraq on repaying excess barrels.

The April low of $55.12 held for now but I strongly suspect there will need to be some good news to get oil moving back higher.

WTI daily
WTI daily

If not, it will just take time for the oil market to rebalance. At $55, US oil producers rapidly slow down drilling and with natural decline rates at 20% per year, it doesn't take long for the barrels to fall off on the supply side.

Source: Forex Live