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COVID & Supply Matters Outweigh Saudi-Russia Diplomacy


WTI & Brent sit ~$0.15 below their respective settlement levels at typing, with an uptick in the USD applying some pressure, outweighing the marginal uptick in e-minis. A reminder that the benchmarks registered similar losses on Friday.

  • This downtick came despite the Saudi-Russia power axis continuing to provide diplomatic overtures ahead of Monday's OPEC+ gathering, even though the current production deal is not set to expire until the end of the year.
  • It is fair to say the spectre of COVID-19 is swirling over Europe at present, with mitigation measures widening across the continent, while marginal production from Libya continues to be eyed, in addition to the resumption of production in the U.S. Gulf.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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