The impact of the softer USD on oil has.........>

OIL: The impact of the softer USD on oil has outweighed the negative equity

backdrop overnight, with WTI crude adding $0.60. This comes after WTI added

~$2.00 on Monday, although the benchmark finished back from best levels that

came about on broader risk on flows re: the U.S.-China trade truce, Russia &

Saudi Arabia declaring an extension of the cooperation on crude supply cuts over

the weekend, while Oman's oil minister said he's optimistic that OPEC+ members

will agree on the need to curb production. Also worth remembering that Canada's

Alberta province has curbed its crude production to deal with glut issues.

- Qatar's withdrawal from OPEC (noted Monday) will do little to alter the

cartel's production, although the symbolism of the withdrawal may worry some

producers. Elsewhere on Monday, Iran reiterated that it will not cut production,

while Platt's reported that "OPEC's key members are determined to agree this

week a new output deal regardless of Qatar's surprise withdrawal from the

producer group, according to ministers and delegates."

- This week's OPEC+ summit dominates the agenda. Worth noting that the release

of the weekly DoE inventory data has been delayed until Thursday.