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.

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.