WTI and Brent are little changed on the day,....>

OIL: WTI and Brent are little changed on the day, recovering from worst levels

as equities moved away from their Asia-Pac lows, after logging gains come

settlement time on Tuesday.

- Tuesday saw BBG sources note that "Russia is determined to start easing oil

output cuts from July, sticking to the terms of the OPEC+ deal struck earlier

this year. OPEC and its allies reached a historic accord in April to slash

production as the pandemic savaged demand. As part of that deal, the cuts would

slowly taper from July."

- There was also confirmation that the Memorial Day holiday provided a "damp

squib" re: the start of U.S. driving season.

- The weekly API inventory estimate is due after hours on Wednesday, delayed by

1 day vs. the usual release time on the back of the elongated holiday weekend in

the U.S.