Fresh Cycle Highs

WTI & Brent crude futures have added the best part of a dollar apiece vs. Friday's settlement levels, with both contracts registering fresh cycle highs in the process. This comes after Saudi Arabia cautioned that oil producers should not consider themselves out of the woods yet, with the country once again playing down the need to hike oil production at a quicker than exp. rate on the back of the recent surge in gas prices. We also saw OPEC+ pact participants Nigeria & Azerbaijan play down the need for quicker than outlined rises in crude output re: OPEC+, falling in line with Saudi messaging. The uniform tone coming from those producers, coupled with follow through from Friday's rally & a modest downtick in the USD, has seemingly supported oil early this week.