Oil prices continue to falter in an environment of over-production. As OPEC plans to cut down, US stockpiles are still rising. Here's are some points from CNBC:Oil sinks 4% to $51.14 on rising US crude stockpiles, fear of faltering demandU.S. commercial crude inventories rose by 2.2 million barrels in the week through June 7, according to the U.S. Energy Information Administration.Concerns that the U.S.-China trade war will dent global economic growth and fuel demand continue to weigh on the market.Goldman Sachs says OPEC’s strategy of limiting oil supply will be “only modestly supportive” as new U.S. production comes online later this year.The supply pressure has caused a slide in WTI Crude Oil price $USDWTI from $66 to $51, where it found support twice in June so far. The price decline has found a reprieve this month, and the talk about supply cut could give it some boost.However, in light of the bigger picture, I would anticipate resistance around $54-$55, which was a support/resistance pivot going back to 2017. If this price doesn't hold, I would still limit my bullish expectation to $58-$60 area. Here we see the cluster of moving averages on the daily chart. $60 was also a previous support/resistance pivot and a psychological handle.USDWTI Daily Chartclick to enlarge)