OPEC deal: Will it help oil retake the 17-year old rising trend

The rising trend line coming from Dec 1998 low and Dec 2001 low acted as a support in 2009 before it was breached in mid 2015.

OPEC is under pressure to deliver some kind of an output deal. Experts believe that won't be enough to rebalance the oil market.

Chart traders should keep an eye on the above mentioned trend line hurdle seen today around $54.20.