WTI & Brent have given back the bulk of their...>

OIL: WTI & Brent have given back the bulk of their relatively limited

post-settlement gains to trade little changed on the session at typing, as

broader risk appetite takes a hit in Asia-Pac hours.

- Monday saw a choppy session, with pledges from Saudi, Kuwait and the UAE to

over-comply with the current global oil producer production pact in June (to the

tune of a cumulative 1.18mn bpd), which was immediately met with questions over

broader compliance among participating countries, including Iraq. De ja vu

anyone? (we flagged this as a source of worry previously).

- Saudi sought to quell any worries, pointing to a move to get ahead of the

curve re: re-balancing, as it called on others to join the voluntary cuts, but

the market remained sceptical.

- The EIA STEO and weekly API inventory estimates are due to be released later

today.