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OIL
OIL: WTI and Brent print around $0.40 above their respective settlement levels
at typing, after the benchmarks added over $1.00 apiece on Monday as markets
took solace from the Saudi pledge of continuity as a new Energy Minister was
installed in the Kingdom. The new Energy Minister, Prince AbS, is viewed as a
steady pair of hands, and, as mentioned before, is an OPEC stalwart. Some have
suggested that the move reflects a degree of concern that prices are holding
below the Kingdom's fiscal breakeven level.
- Focus is centred on Thursday's OPEC+ JMMC meeting, so expect continued noise
from various Oil/Energy Ministers, while API inventory data is also set to
provide some interest when it hits later today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com