WTI is posting small gains around the $ 71.10 level, keeping its range intact around this region as mixed market sentiment offsets fears about the resumption of Iranian oil supply to the market.
Meanwhile, Glencore Oil chief’s comments have no impact on black either. The Anglo-Swiss multinational commodity trading and mining company said the return of Iranian oil to the markets is already discounted in price.
Additional comments
OPEC + is expected to gradually increase production to 40 million barrels per day.
You see volatility in the energy market, not a super cycle, as a result of increased demand and new regulations.
LNG is a great growth business for Glencore.
Refining margins remain under pressure in the third quarter.
Capex cuts will put oil markets in the hands of OPEC +.
Oil prices rise in the coming months as a result of vaccination programs.
WTI technical levels
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