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WTI & Brent last trade ~$0.30 softer a piece,...>

OIL
OIL: WTI & Brent last trade ~$0.30 softer a piece, as risk trades heavy
overnight.
- Monday's early risk on theme saw oil peak in early EU trade, before USD
strength and souring risk sentiment added pressure to crude.
- Comments from the Saudi energy minister re: 300K of extra production being put
into play "soon" also added weight, and came on the back of weekend comments
from Libya's NOC, which also pointed to hundreds of thousands of barrels worth
of additional production.
- Traders await Tuesday's API crude inventory estimate, with analysts looking
for a headline crude build of ~3.4mn bbls in this week's DoE inventory data, due
Wednesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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