Crude continues to struggle, with focus on a....>

OIL: Crude continues to struggle, with focus on a large liquidation late Monday

and OPEC report pointing to slowing demand released Tuesday.

- There is also some focus on large put exposures at today's WTI option opex.

- Reports overnight from Energy Intelligence suggested that Saudi Arabia is

leaning towards a cut in crude output while Russia wants to wait before making a

firm decision.

- WTI & Brent trade $0.20 lower apiece at writing.

- WTI bears look for a close below yesterday's intraday low, after a brief look

below the February 09 low (on a continuation basis).

- Traders focus on the weekly API crude inventory data, due later today, with

median expectations of a headline crude build of 3.2mn bbls in Thursday's DoE

inventory release (both prints are pushed back by a day owing to the long

holiday weekend in the U.S.).