WTI +~$0.05, Brent +~$0.15, drawing support.....>

OIL: WTI +~$0.05, Brent +~$0.15, drawing support from a retaliatory U.S. strike

on Kataib Hezbollah facilities after a U.S. civilian contractor was killed in a

rocket attack on an Iraqi military base on Friday.

- To recap, a larger than exp. drawdown in the headline weekly DoE crude stocks,

coupled with a drawdown in stocks at the Cushing hub & a surprise draw in

distillate stocks allowed crude to recover from lows on Friday. Elsewhere,

gasoline stocks saw a larger than exp. build, while refinery runs topped exp.

Also, the latest Baker Hughes rig count revealed 8 fewer active U.S. oil rigs.

- The weekend saw Russian Energy Min Novak note that Russian oil production

should equate to 11.12-11.32mn bpd in 2020. Elsewhere, Iraq stressed that

protestors halting production at the Nassiriya oilfield will not alter its crude

exports/production, with production at other fields set to rise. Finally,

Libya's NOC revealed that it is considering closing its Zawiya port & evacuating

staff from its refinery at the facility, owing to continuing clashes in the

surrounding areas. The NOC also warned that it could close the El Sharara

oilfield, which could have knock on effects for surrounding facilities.