FXStreet reports that strategists at TD Securities believe the upside for the black gold is quite limited.

“While we think that both WTI and Brent may move above their current $72.50/b and $75.38/b, there is limited upside for now as most of the positives have been priced. WTI is not expected to go much above $73.55/b. However, should OPEC+ continue struggling to deliver on the promised production increases, a move north of $75/b is quite likely.”

“OPEC+ supply increases should also start hitting the market before a demand recovery fully materializes, which may well drive prices just below $70/b into Q3-2021.”