Drama

The broader risk-positive tone has allowed the major crude benchmarks to hold within their respective recent ranges, with WTI & Brent ~$0.30 lower vs. settlement levels at typing.

• Monday saw the OPEC ministerial meeting extended for 48 hours as the cartel looks to form a consensus ahead of the now delayed OPEC+ ministerial meeting. BBG reports noted that "ministers are discussing whether to increase production in January as planned or maintain the cuts that have helped create a rally in oil prices." Earlier in the day there seemed to be some gravitation towards a 3-month extension of the current production levels, although it seems that tensions were running high during Monday's discussions. Still, general market consensus points to some form of a deal being struck in the coming days.