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(Z1) Double Bottom Reversal


Gilt/Bund spread 6.4bps tighter

OIL: A further increase in Coronavirus worry weighed on crude prices during the
first Asia-Pac session of the week. WTI & Brent both sit in the region of $1.50
below their respective settlement prices at typing.
- Little to surprise in the latest round of OPEC+ rhetoric, with further calls
made between some of the group's top level ministers over the weekend, although
details of the calls remain somewhat lacking.
- As a reminder, Friday saw the Saudi Energy Minister refute WSJ source reports
suggesting that the country "is considering a break from its four-year
oil-production alliance with Russia, according to people familiar with the
matter, as China's coronavirus outbreak contributes to a drop in global oil
- Elsewhere, it would appear that the internationally recognised Libyan
government has pulled out of the Geneva peace talks between itself and General
Haftar's forces.
- Finally, last week's Baker Hughes rig count data was virtually unchanged in
terms of active U.S. oil rigs.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |