Crude Treads Water

Crude futures are broadly flat, WTI last up $0.02 from settlement levels at $59.34/bbl, while Brent is up $0.05 at $63.00.bbl.Oil market specific commentary was sparse, but a few comments from Fed's Powell crossed the wires, he noted that while the outlook had brightened substantially there were still risks. He also reiterated that the Fed would keep supporting the economy until the recovery was complete.

• Elsewhere, there were reports on Saturday that initial talks in Vienna between the US and Iran wee rea good first step, but officials said that Iran still needs to take further steps to come back into compliance with the terms of the nuclear deal, meaning Iranian supply will not be returning to market in the near term.