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WTI and Brent gave back their post settlement...>

OIL
OIL: WTI and Brent gave back their post settlement gains in Asia hours, as a
degree of caution crept back in to the broader market backdrop after Monday's
constructive session for risk assets, with both now sitting a little below their
respective settlement levels.
- Positive signs re: Chinese demand and continued focus on OPEC+ production
pullbacks added steam to the broader risk rally on Monday, allowing crude to
build on recent gains, although the fact that the benchmarks sit over $1.00 off
their respective session highs on relatively tame news flow may be a cause for
concern for bulls.
- The very front end of the WTI curve has moved into a state of backwardation in
recent days (ahead of Tuesday's CLM0 expiry), with CLM0 > CLN0, perhaps one of
the drivers behind NYMEX trimming its WTI margin requirements late on Monday.
- API inventory estimates headline on Tuesday.
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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