FXStreet reports that strategists at TD Securities discussing the prospects of WTI and Brent Oil.

“We expect range-bound trading until there is new information, likely in the form of OPEC+ signals, which will give the market an idea where supply is going for the balance of 2021.”

“Considering that WTI is approaching $60/ b and Brent is trading near $62/b, this producer group will no doubt want to phase in production increases, as demand recovers from the pandemic. We should see the Saudis reverse their voluntary one million b/d cut and Russia increase production as well. There is the risk that Iran will be able to export more should the Biden administration come to an agreement on the nuclear weapons issue.” 

“The deployment of the shuttered OPEC+ capacity could see WTI and Brent crude prices slide $2-6 lower at the very time demand is starting to normalized after the COVID-19 pandemic.”