The big news was that Iran said it would attend the upcoming OPEC meeting in September, which served to briefly rally WTI oil back above US$48. Some think that there is now possibility that Iran will commit to a supply freeze deal. But attendance does not mean they are ready to commit to a deal, and when Iraq and Saudi Arabia are producing at record levels, it is difficult to see Iran happy to produce well below their potential. The need to see tangible benefits from the Detente with the Americans strongly argues for them pursuing as expansive an output strategy as possible. But by the same token, everyone in OPEC can benefit from upside jawboning of the oil price.
However, this jawboning looks like it is rapidly being reversed in the wake of the weekly US API inventories number, which saw crude oil inventories increase by 4.5 million barrels after declining by 1 million barrels last week. A similar figure in the EIA inventories report tomorrow could see WTI oil pull back to the US$45 handle.