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The oil space was supported by weekend..........>

OIL
OIL: The oil space was supported by weekend headlines pointing to a call between
U.S. President Trump & Saudi King Salman that involved a discussion re: oil
market stability, allowing WTI & Brent to add $0.30 & $0.50 respectively in
early trade this week.
- The space also drew support from a fall in the latest weekly Baker Hughes U.S.
rig count data.
- Worry re: Iranian sanctions & Venezuelan supply continue to provide underlying
support to the space.
- Friday saw JBC suggest that OPEC crude production rose by 300K b/d in
September, led by Saudi & Libya.
- Friday also saw the EIA note that U.S. oil production ticked higher in July
(M/M), while exports eased.
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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