WTI is trying to correct but remains down on the day as the black gold consolidates into the weekend at around $71.85.

From a point of view from analysts at TD Securities, ´´the positioning set-up in energy markets remains extremely supportive of the medium-term outlook, given that money manager participation in crude markets is at least at a decade low.´´

The analysts argued that there are substantial capital inflows moving into the sector as fundamentals begin to tighten in the second half of this year, particularly given that demand data continues to beat expectations.

´´Over the near-term, lower liquidity continues to whipsaw trend followers, with poor sentiment keeping a lid on prices while physical markets continue to work through the inventory overhang