Modest Gains For Crude In Asia, OPEC+ Dynamic Eyed

WTI & Brent futures sit ~$0.25 above their respective settlement levels, building on Monday's uptick, with focus on the upcoming OPEC+ summit (scheduled to take place on Thursday). Monday saw Kuwait become the latest participating nation to back the current policy implemented by the group of crude producers. The unanimity when it comes to OPEC+ will have supported crude prices on Monday, as would have a softer USD and fresh record highs for U.S. equities, although the major Wall St. indices did pull back from best levels of the day, which allowed crude to pare some of its own intraday gains. Meanwhile, the latest RTRS survey noted that "the increase in OPEC's oil output in October fell short of the rise planned under a deal with allies, as involuntary outages in some smaller producers offset higher supplies from Saudi Arabia and Iraq." OPEC crude production rose by ~190K bpd per the survey (vs. the 254K increase allotted to the group within the 400K bpd rise agreed by OPEC+ nations). Tuesday's focus will fall on the latest round of API inventory estimates.