A Weaker USD Helps The Bid

WTI & Brent sit ~$0.40 above their respective settlement levels, with a softer USD supporting crude prices overnight.

• Late Monday saw Energy Intelligence point to several OPEC+ members submitting "plans for additional "catch-up" cuts in their oil output to compensate for their shortfalls during the first few months of the alliance's historic production cuts. Iraq, Kazakhstan, Equatorial Guinea, and Brunei have already submitted such plans to the Opec Secretariat, sources familiar with the matter told Energy Intelligence on Monday. Within the next few days the remaining countries will finalize and submit their plans for doing so, they added."
• The U.S. restart in lieu of the recent hurricanes continued to be eyed, BSEE estimated that ~54% of U.S. Gulf of Mexico production was still offline on Monday. Elsewhere, the DoE noted that the SPR site in Louisiana "sustained considerable damage" from Hurricane Laura, although it stressed that there is "no threat to the integrity of the geologically sealed underground caverns, and no danger of contamination or concern for spills."
• Also on the U.S. front, Presidential candidate Biden pushed back against President Trump's claims that he (Biden) would look to ban fracking.
• Finally, RTRS reports noted that the Trump administration is looking to tighten oil sanctions on Venezuela in the near future.
• API crude inventory estimates are due to be released later today.oil