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Crude prices have moved lower in Asia-Pac.......>

OIL
OIL: Crude prices have moved lower in Asia-Pac hours, with WTI -$0.80 and Brent
-$0.90. Participants continue to fade Monday's rally, with little in the way of
hard line, tangible escalation in U.S.-Iran tensions evident thus far this week,
outside of the war of words. But, it is worth remembering that Iran is still in
a national state of mourning and that the red flag is still hoisted above a
mosque in Qom, Iran.
- Platts ran a sources piece on Monday, noting that OPEC officials have said
"that the bloc is prepared to respond to any supply emergency by reversing its
production cuts if necessary."
- The weekly API crude inventory estimates are due later today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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