A Little Softer In Asia

WTI & Brent crude futures sit ~$0.50 below their respective settlement levels, with the spectre of a multilateral inventory release from some of the major oil consuming nations, led by the U.S., weighing overnight (note that BBG has suggested that a formal announcement of such a move could come as soon as today). Monday saw the space make incremental gains, aided by a BBG sources piece, which cited OPEC+ delegates, who "warned they're likely to respond to plans by the world's largest oil consumers to release oil from their strategic stockpiles." Further afield, the weekly API inventory estimate will provide interest after hours on Tuesday.