Early risk-on support surrounding...............>

OIL: Early risk-on support surrounding developments re: U.S-China trade matters

faded, as China's Xinhua adopted a more cautious take on the outlook for the

ongoing trade talks. WTI & Brent both trade around $0.20 lower at writing.

- Friday saw reports suggesting that Saudi has finished repairs on its Safaniyah

offshore oil field, while the latest round of weekly Baker Hughes rig count data

showed 4 fewer active U.S. oil rigs.

- It is also worth noting that the Toronto Star reported that "advocates and

opponents of the Trans Mountain pipeline expansion stood their ground Friday as

a renewed review of the contentious project recommended approving it."

- Iran continued to goad the U.S. over the weekend, pointing to various methods

of crude export that will keep its oil in circulation, in spite of U.S.

sanctions. Elsewhere, tensions in Venezuela continue to escalate.

- Finally, Libya's NOC revealed that the country's largest oilfield, El Sharara,

remains shut.