No Exception To The Rule

WTI & Brent sit ~$0.60 and ~$0.50 below their respective settlement levels at typing.

• Crude benefitted from the broader boost to risk assets on Monday, with WTI & Brent adding ~$3.00 on the day come settlement, clinging onto the coattails of the latest developments surrounding a COVID-19 vaccine, given the positive knock-on impact on demand that wide deployment of a vaccine would bring. Still, caution is warranted at present, with questions surrounding the Pfizer vaccine and its wider deployment remaining evident.
• OPEC+ oil ministers continued to point to the ability to tweak the current production pact on Monday, while a WSJ report, covering comments from the Chairman of Libya's NOC, pointed towards Libyan crude production hitting 1.3mn bpd in around a month, while he stressed that the country would not sign up to OPEC+ compliance until it was pumping a stable 1.7mn bpd.