WTI & Brent sit $0.20-$0.30 below their.........>

OIL: WTI & Brent sit $0.20-$0.30 below their respective settlement levels after

the widespread recovery in risk appetite evident in U.S. hours allowed the

benchmarks to settle ~$1.00 higher on Monday.

- That was after COVID-19 worry pressured the demand side of the equation in

early dealing.

- On the supply side, Monday saw Petro-Logistics point to OPEC production

falling by 1.25mn bpd in June, although this wasn't out of line with earlier

projections/pledged over-compliance levels.

- Elsewhere, Argus Media suggested that limited Eastern Libyan oil production

may return to the fray as early as this week, although the supply would

apparently be earmarked for local refining, as opposed to exports.

- OPEC Secretary General Barkindo also warned that there was more work to be

done re: market re-balancing.

- API crude inventory estimates will hit late on Tuesday.