FXStreet (Mumbai) - Oil benchmarks on both sides of Atlantic took a breather after yesterday’s slide to the lowest levels since 2003, and now looks to stabilize amid huge supply overhang. US API & EIA data now in focus Currently, WTI trades modestly flat at 30.41, while the Brent oil rebounds 0.82% to 29 barrier. Oil prices are seen making minor recovery attempts this Tuesday, having booked heavy losses the day earlier after the news of Western Sanctions lifted on Iran drowned the black gold to new twelve-year lows. The full return of Iranian oil to markets is expected to exacerbate the pain in an already oversupplied oil markets. Moreover, markets also remain wary over the recent diverging movements between Brent and WTI crudes and attribute it to the premium difference between both crude benchmarks, as Iran's oil will be exported to Brent-priced Europe and Asia while regulations still restrict it from going to the US. ANZ bank analysts noted, “It is clear that investor sentiment is driving oil prices... Bearish bets are at their highest level since 1983, indicating heightened concerns around Iran oil flooding the market." Hence, any recovery in oil prices remains fragile amid omnipresent oversupply woes, especially with Tehran ordering a sharp increase in output on Monday. Meanwhile, focus now shifts towards the weekly inventory reports from the API and EIA in the week ahead. For more information, read our latest forex news.