WTI & Brent have bounced over $1 from their.....>

OIL: WTI & Brent have bounced over $1 from their respective intraday lows,

leaving the benchmarks ~$0.40 above their settlement levels, as risk assets

regain some poise after China showed a willingness to at least smooth the latest

leg lower in the yuan.

- This comes after Monday's trade war developments weighed on crude during the

first session of the week.

- Worth highlighting the WSJ has reported that the "Trump administration is

moving to impose a total economic embargo against the government of Venezuela, a

significant escalation of pressure against the regime of President Nicolas

Maduro and countries including Russia and China that continue to support him, a

senior administration official said." This comes after U.S. National Security

Adviser John Bolton warned China and Russia not to double down on their support

for Maduro.

- The latest API inventory estimate will draw interest later today.