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Crude struggled in Asia-Pacific hours as the....>

OIL: Crude struggled in Asia-Pacific hours as the breakdown of the latest
Chinese trade data was weak, which introduced a fresh round of risk-off flows
after equities had started on the back foot. WTI & Brent both trade ~$0.50 lower
at writing. Brent sits just below $60.00 as a result.
- The weekend saw a deluge of comments from the OPEC nations. The cartel's
Sec-Gen Barkindo noted that he is largely optimistic over prospects of balancing
the oil market during 2019, although alluded to worries re: the U.S.-China trade
spat. Elsewhere, Saudi Energy Minister Al-Falih noted that he believes that
OPEC+ will meet production commitments to balance oil markets at some point this
year, although Falih alluded to some countries exhibiting a slower than
anticipated pace. UAE energy minister al-Mazrouei noted that he expects an
average oil price of $70/bbl during 2019.
- Late Friday the WSJ reported that "OPEC is debating an aggressive
public-influence campaign aimed at U.S. lawmakers and the White House, a first
in its six-decade history, according to officials at the organization." Active
oil rigs in the U.S. fell by 4 in the latest weekly Baker Hughes rig count data.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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