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AUDUSD consolidates


6/9-month bubills


Bounce on European open doesn't last

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WTI & Brent crude futures sit ~$0.20 & ~$0.30 above their respective settlement levels, with the mild risk positive backdrop (outlined elsewhere) providing light support for the space in Asia-Pac hours. This comes after a sharp pullback from fresh cycle highs on Monday, following news that Iran and the EU will meet in Brussels on Wednesday, with the goal of the meeting being to open the way to a wider push to revive the 2015 Iranian nuclear accord. This applied pressure to the space after the latest leg of bullish price action came on the back of OPEC+ rhetoric that we outlined previously (Russia added to that particular line of mood music on Monday). The benchmark futures curves remain in a deep state of backwardation. API crude inventory estimates headline on Tuesday.