Contained trade for the major benchmarks in.....>

OIL: Contained trade for the major benchmarks in Asia-Pac hours, with both WTI &

Brent happy to hover just above their respective Monday lows, trading a few

cents higher than settlement at writing. Monday saw participants focus on the

weekend unwind of geopolitical tensions, as opposed to broader risk-on trade.

- The Saudi Energy Min provided the usual 'it is too early to comment on OPEC+

decisions' line on Monday. Elsewhere, the potential for a lasting ceasefire in

Libya is coming under scrutiny, with local reports pointing to fresh clashes

south of Tripoli after Moscow peace talks yielded no firm outcome on Monday. The

internationally recognised Libyan gov't signed the ceasefire treaty, but the LNA

commander Haftar said that he would like to mull things over until Tuesday. The

LNA website has noted that it is "ready & determined" to achieve victory.

- Elsewhere, Monday saw China's CNPC point to Chinese apparent crude oil demand

rising by 2.4% Y/Y in '20, with crude imports set to rise by 4.4% Y/Y. This was

followed by Chinese trade data on Tuesday, which saw crude oil imports rise by

nearly 10% Y/Y during 2019 as analysts pointed to demand from "mega-refineries."

- The latest round of weekly EIA crude inventory estimates are due later today.