WTI and Brent trade back from best levels.......>

OIL: WTI and Brent trade back from best levels after adding over $1 apiece at

one point on the back of the latest OPEC+ summit in Jeddah.

- The Saudi Energy Minister suggested that there is a consensus among producers

to keep gently reducing stockpiles back to normal levels. WSJ source reports

noted that "the group has also been looking at a handful of scenarios, some of

which would involve easing production curbs without changing targets." This view

was seemingly echoed by the Russian Energy Minister, although he did stress that

Russia will comply with the OPEC+ agreements going forwards.

- Middle Eastern tensions continue to capture the attention of market

participants, but OPEC+ is seemingly more focused on inventory levels, even as

the physical market tightens.

- Oman's oil minister suggested that "it is possible that Iran may leave OPEC,"

although this seemed to be a speculative comment, as opposed to a firm belief.

- Back on Friday the latest Baker Hughes rig count data revealed a modest fall

in active oil rigs in the U.S.