Some analysts see higher prices ahead, as the OPEC+ cuts create a tighter backdrop.

Any unexpected outage could send prices much higher, while a breakthrough in the trade war could remove one of the largest downside risks.

“Brent and WTI are both now seriously testing a major resistance zone, around $65 and $55, respectively, the break of which could be the catalyst for another rally,” Craig Erlam, senior market analyst at brokerage OANDA, wrote in a morning market briefing.