Crude continues to follow the ebb and flow of...>

OIL: Crude continues to follow the ebb and flow of broader risk sentiment and

the prospects of broader, co-ordinated global policies as we head towards

Tuesday's G7 phone call, pulling back from best levels with equities, before the

aforementioned RTRS source piece dented hopes of co-ordinated stimulus.

- In terms of crude specifics, this week's OPEC+ gathering remains at the fore.

Monday saw the WSJ suggest that "under a compromise offered by the Saudis to

Russia and other countries, the group could cut crude output by 600,000 barrels

a day, according to the officials. The proposal would see Saudi Arabia reducing

its output by an additional 400,000 barrels a day." Elsewhere, a VP at Russia's

Lukoil added further credence to this idea, as he noted that he expects OPEC+ to

cut its cumulative oil output by more than 1mn bpd vs. existing agreements.

- Russian energy Minister Novak remained non-committal earlier in the day.

- Also worth flagging the latest RTRS OPEC survey, which pointed to OPEC oil

production output hitting the lowest levels in over a decade in February.

- API inventory estimates are due after hours today.