Continued focus on OPEC+ matters allowed........>

OIL: Continued focus on OPEC+ matters allowed bears to force crude prices back

to unchanged levels in early trade this week, with Brent & WTI hovering around

settlement levels at typing.

- To recap, late Friday saw BBG sources note that "OPEC and its allies were

close to abandoning any plans for an emergency meeting this month to consider

fresh production cutbacks because of the coronavirus outbreak. While Saudi

Arabia hasn't wholly given up on its push for the gathering, the OPEC+ alliance

will more likely stick to a scheduled meeting in March as the idea hasn't so far

won over Russia, several delegates from the group said."

- Elsewhere, local media reports suggested that Iran will push for an increase

in production at the oilfields that it jointly owns with Iraq, although the

country's oil minister pointed to the need for technological advances and

know-how, as well as increased spending to facilitate the move.

- Coronavirus matters and OPEC+ chatter will continued to dominate price action

in the short term, especially with markets thinned owing to a U.S. holiday.