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

OIL
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.
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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