Would you not say it would be prudent, and wise, to wait and see how market will react post talks & results with Iran today (Sat)?
No doubt China has increased oil purchases, but Japan & India has scaled back due to their Covid-19 cases resurgence and lockdowns....lots of speculations in the market, but that's exactly what that is...i.e. speculations!
As a matter of fact, I have some short orders on spotcrude over the weekend at the 71.161 levels as I believe that commodity will drop back to the 69.xxx levels next week as I do not believe spotoil at the USD71 levels is sustainable for the immediate future as that will create too much inflation for countries whose economy is already badly affected by the virus pandemic. As it is, due to drought & other factors, food prices worldwide has already risen which will exert more stain on the economy.
Is demand for crude oil growing, or is supply contracting?
Stocks of crude oil in the United States plunged by 8.537 million barrels in the week ended June 11th of 2021, after a 2.108 million drop in the previous week, data from the American Petroleum Institute showed. It was the biggest draw since the week ended on September 11th, 2020. source: American Petroleum Institute (API)