FXStreet reports that OPEC+ members agreed to continue the gradual increase in output, and Bart Melek, Head of Commodity Strategy at TD Securities, suggested that WTI is set to trade below the $70 level, given global demand concerns.

“The crude market will very likely continue to face headwinds from the Delta variant as it will take time for full Pfizer Vaccine approval to increase vaccination rates, while the planned 400k b/d OPEC+ supply increase also removes some supply-side support.”

“With demand lower than expected just weeks ago, it certainly looks like the global crude market will not be as tight as originally thought.”

“Crude should have a hard time rallying much above the recent trading range. Any sustained move above the $70/bbl mark, will require more certainty on the demand side and no sudden production increases from Iran.”