It would seem that the latest round of..........>

OIL: It would seem that the latest round of COVID-19 worry has spooked crude

market participants, with a healthy amount of geopolitical tension still

swirling in the background. This leaves WTI & Brent $0.60-.70 below their

respective settlement levels at typing.

- A heavy end to the week for risk sentiment ultimately capped crude on Friday,

with marginal losses for both of the benchmarks come settlement, as news of

foreign mercenary incursions into Libyan oilfields ultimately did little to

support to the space.

- Broader focus continues to fall on the COVID-19 backdrop and the potential of

any second wave hits to oil/product demand.

- Elsewhere, in terms of physical market dynamics, BBG source reports have noted

that "China's state-owned oil refining giants are in discussions to form a

purchasing group to buy crude together, increasing their bargaining power and

avoiding bidding wars."