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The late uptick in U.S. equity indices on.......>

OIL
OIL: The late uptick in U.S. equity indices on Monday, which has spilled into
Asia-Pac trade/local indices has dragged crude higher, with WTI & Brent up
~$0.60 & ~$0.70 respectively. Space may also be drawing light support from
militants targeting a convoy carrying U.S. food supplies south of Baghdad, Iraq,
although there were no casualties.
- This comes after Coronavirus-related worry continued to pressure crude on
Monday, with a focus on the disjointed restart of economic activity in China.
Elsewhere, the lack of a Russian commitment to the OPEC+ JTC's recommendation
re: crude production cuts for the group also stymied early upward price momentum
on Monday.
- Late yesterday we learnt that U.S. President Trump's budget plan proposed
selling 15mn bbls of oil from the SPR as a means to fund Energy Department
activities. Monday also saw a BBG piece point to sizeable physical oil traders
looking into supertanker storage in an attempt to take advantage of the recent
pullback in oil prices.
- Weekly API inventory estimates are due later Tuesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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