Crude Little Changed

WTI and Brent sit ~$0.20 softer, edging lower alongside e-minis' pullback from their respective best levels during Asia-Pac hours.

• This comes after Monday's US$ flow and digestion of last week's reports which suggested that China is upping its purchases of U.S. oil, alongside a leak in the Colonial Pipeline system, which supported RBOB, combined to push the benchmarks higher on Monday.
• Elsewhere, Monday saw RTRS report that "compliance with OPEC+ oil output cuts is seen at 95% to 97% in July, according to OPEC+ sources and a draft report seen by Reuters, two days ahead of a meeting of key OPEC+ producers to review adherence with their production pact as demand slowly recovers."
• Meanwhile, a WSJ report suggested that "Chevron Corp. is in talks to invest in a major Iraq oil field, according to Iraqi officials, part of a string of prospective deals with U.S. companies signaling confidence in that country's energy industry despite years of instability and start-and-stop foreign investment."
• API inventory data is due later on Tuesday.