Oil has been in consolidation for the last 3 weeks, ranging in the 58-62 interval. Oil has RSI bearish divergence on daily chart, and on weekly, RSI is about to turn down. Since this is supported by a potential rise in US Dollar, oil will likely fall below support at 58$, breaking the 58-62 channel. Breaking 50 day exponential moving average at 56$ will make oil look for a target at 50-53$ in the next couple of weeks.
If oil fails to break below 58, oil will continue to stay in channel.