WTI and Brent sit ~$0.20 above their............>

OIL: WTI and Brent sit ~$0.20 above their respective settlement levels, aided by

the uptick in e-minis, although familiar, albeit evolved, sources of risk kept

bulls in check overnight.

- This built on similar marginal gains for the benchmarks as of yesterday's

settlement.

- A reminder that the OPEC+ JMMC is set to hold a meeting on Wednesday, with the

group expected to wind its production cut back to 7.7mn bpd vs. baseline levels.

Also worth noting that OPEC+ delegates told BBG that the OPEC+ JTC "outlined

plans for countries including Iraq, Nigeria and Kazakhstan to make an additional

842,000 barrels a day of compensatory cuts in August and September," as they

look to make up for previous undercompliance re: the deal.

- Elsewhere, Tuesday saw the release of the latest API crude inventory

estimates, with headline crude and gasoline stocks seeing larger than expected

draws, while distillates saw a larger than expected build and Cushing stocks saw

a relatively marginal build.