Marginally Lower Overnight

WTI & Brent crude futures are ~$0.20 and ~$0.30 below their respective settlement levels at typing, ~$0.25 off worst levels of the day.

• There hasn’t been much in the way of major news catalysts during Asia-Pac hours, although FT reports pointing to the potential for a moderation in Russia-related geopolitical tensions may be weighing on crude. Still, losses have seemingly been limited by the fact that global crude and distillate inventories continue to show signs of tightness.
• From a technical perspective, WTI and Brent trade below their recent multi-year highs, but remain above their respective 4 Feb lows ($90.07 for WTI & $91.20 for Brent).
• Looking ahead, the latest round of Vienna talks re: the revival of the 2015 nuclear deal that Iran was party to will take place on Tuesday. In terms of the bigger picture surrounding these talks, while U.S.-Iranian tensions have cooled incrementally from extremes, Iran still refuses to meet directly with the U.S. As a result, other world powers continue to act as the middlemen in the indirect discussions.