WTI wavers around $71 after Glencore says Iran’s supply resumption already priced in

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.

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