With risk-on sentiment driven by a Tory.........>

OIL: With risk-on sentiment driven by a Tory majority and US-China Phase One

trade deal progress, oil has edged toward the top of its recent range. However,

neither Brent nor WTI have managed to break through the highs of December 6,

which now acts as the key bull trigger.

- Oil has also been buoyed by inventory data that has shown stockpiles falling

to their lowest level since September 27 in Shandong.

- Looking ahead, oil will trade at the mercy of risk sentiment in the

short-term. A lot of the good news of the Phase One trade agreement is priced in

now so we would expect if the deal now doesn't go through, oil would come under

some pressure.