WTI & Brent have recovered from their early.....>

OIL: WTI & Brent have recovered from their early losses, and trade little

changed at writing, with U.S. equity index futures trading on the front foot.

The geopolitical tension in the Middle East remains at the fore, with smallish

public displays against the country's leadership after the country admitted that

it accidentally downed a Ukrainian passenger jet last week, as had been

suggested by the international community. Elsewhere, U.S. Tsy Sec Mnuchin noted

that the U.S. is working with China to cut off crude purchases from Iran. There

were also suggestions that the U.S. may cut off any waivers that Iraq receives

re: Iranian crude purchases, via a U.S. official speaking with Platts.

- Also worth noting that the weekend saw the Energy Minister of OPEC's smallest

producer, Equatorial Guinea, note that OPEC nations mostly agree that crude

prices of $60 to $70/bbl are ideal for the health of the global economy.

- Elsewhere, Nigeria noted that it complied with the OPEC+ production pact in

Dec.

- Also worth flagging that Saudi Aramco exercised the greenshoe option that was

tagged onto its IPO.