WTI is posting small gains around the $71 mark, keeping its range play intact around the latter, as a mixed market mood offsets receding fears over the resumption of the Iranian oil supply to the market.

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Meanwhile, the comments from the head of Oil at Glencore also fail to have any impact on the black. The Anglo-Swiss multinational commodity trading and mining company said that the return of Iranian oil to markets already priced in.

Additional comments

Expect OPEC+ increasing output gradually to 40 million bpd.

Sees volatility in energy market, not super-cycle, as a result of spike in demand, new regulations.

LNG as a big growth business for Glencore.

Sees refining margins remain under pressure in Q3.

Capex cuts will put oil markets in OPEC+ hands.

Sees rising oil prices in coming months as a result of vaccination programmes.

At the time of writing, WTI is up 0.49% on the day, trading at $71.22. Oil traders await the US Retail Sales data and American Petroleum Institute’s (API) weekly crude stockpiles data for fresh near-term trading opportunities in the commodity.

WTI technical levels to watch

WTI