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

Dhwani Mehta FXStreet

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

WTI

Overview
Today last price	71.20
Today Daily Change	-0.02
Today Daily Change %	-0.03
Today daily open	70.95

Trends
Daily SMA20	67.35
Daily SMA50	64.78
Daily SMA100	62.35
Daily SMA200	53.01

Levels
Previous Daily High	71.46
Previous Daily Low	70.48
Previous Weekly High	70.93
Previous Weekly Low	68.35
Previous Monthly High	67.42
Previous Monthly Low	61.53
Daily Fibonacci 38.2%	71.08
Daily Fibonacci 61.8%	70.85
Daily Pivot Point S1	70.46
Daily Pivot Point S2	69.98
Daily Pivot Point S3	69.48
Daily Pivot Point R1	71.45
Daily Pivot Point R2	71.94
Daily Pivot Point R3	72.43

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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