* Oil prices have come under pressure following the latest data release from the Energy Information Administration (EIA)
* According to the EIA, US crude oil inventories were up by 7.1 million barrels for the week to March 1st
* The market was expecting an increase of 1.20 million barrels, a difference of 5.9 million barrels
* USOIL has entered a phase of consolidation following a strong rally in February
* Traders are keeping an eye on the triangle pattern on the hourly charts
* A clear break below the lower trendline could pave the way for another test of the important $54.75 support level
* RSI is currently in neutral territory
* The market is waiting for further updates from the OPEC, who might decide to cut output even further
* In the near-term, USOIL could potentially spend more time within the $54.75-57.55 range
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