Crude Unwinds Early Losses

WTI & Brent crude futures sit ~$0.10 higher on the day, unwinding early Asia-Pac weakness which likely stemmed from the latest round of COVID worry re: China (with compulsory testing observed in the port city of Tianjin after new cases were detected there) and the partial resumption of previously halted crude production in both Libya & Kazakhstan. There wasn’t much in the way of overt triggers re: the recovery from lows, outside of the potential for spill over from the weakness observed in the U.S. Tsy futures space, which may be linked to the increased likelihood of fresh fiscal stimulus in the U.S. (which we have flagged elsewhere).