A Lack Of Upside Catalysts In Early Trade This Week

WTI & Brent sit ~$0.35 below their respective settlement levels as of typing, after finishing unchanged to a touch lower on Monday.

• Focus on Monday fell on the OPEC+ JMMC gathering, which made no recommendation re: the producer production pact, as expected, while Russia seemingly failed to submit a compensation plan re: its overproduction relative to its allocation under the deal. Elsewhere, the rhetoric coming out of the meeting surrounding the outlook for the oil market was generally guarded to negative and has likely contributed to post-settlement weakness for crude.
• Monday reports also pointed to yet another incremental uptick in Libyan production/supply, keeping the space in check.
• Weekly API crude inventory estimates are due after hours on Tuesday.