Brent has underperformed WTI, shedding $0.30....>

OIL: Brent has underperformed WTI, shedding $0.30 overnight, while the latter

trades around unch. levels as the risk -ve backdrop kept a lid on crude prices.

- In terms of news flow, Friday saw the latest RTRS OPEC report suggest that the

cartel's oil output rose by 80K bpd in August, representing the first m/m rise

this calendar year, "as higher supply from Iraq and Nigeria outweighed restraint

by top exporter Saudi Arabia and losses caused by U.S. sanctions on Iran."

Elsewhere, the EIA pointed to a second consecutive monthly fall for U.S. crude

production in June.

- Friday also saw the Iraqi tanker that recently left detention in Gibraltar

generate some attention, with the WSJ sources suggesting that it is set to

offload its cargo to "smaller vessels that will take the crude to Syria,"

risking violating the terms of its release.

- Also worth recapping the latest weekly Baker Hughes rig count data revealed 12

fewer active oil rigs in the most recent sample week.