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The two major crude benchmarks have ticked......>

OIL
OIL: The two major crude benchmarks have ticked lower in Asia-Pac hours with WTI
& Brent both printing around $0.15 below their respective settlement levels,
confined to sub-$0.20 ranges thus far, adding to Friday's losses (although both
metrics are comfortably above Friday's troughs).
- A RTRS source report released over the weekend noted that "a final agreement
between Saudi Arabia and Kuwait to resume oil output from the Neutral Zone
fields is expected to be signed on Tuesday in Kuwait City." This came after the
Kuwaiti oil minister pointed to the potential for the resumption in output from
the area by year end. This may have added some light pressure to crude in early
trade this week.
- Various other supply side news stories released over the weekend seemed to be
more marginal.
- As a reminder, Friday saw the number of active U.S. oil rigs rise by 18 in the
latest weekly Baker Hughes rig count data.
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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