WTI & Brent sit ~$0.20 above their respective...>

OIL: WTI & Brent sit ~$0.20 above their respective settlement levels, after

adding ~$0.80 & ~$0.40 on Monday. Early risk-on appetite seen Monday (related to

Chinese PMIs & global fiscal stimulus hopes), coupled with OPEC+ rhetoric from

the weekend, allowed crude to make some minor inroads into Friday's steep sell

off before U.S. equities stalled, which weighed on oil, as U.S. President Trump

opened up fresh avenues in his trade war campaign and the U.S. ISM m'fing survey

disappointed.

- Monday also saw RTRS sources suggest that "OPEC and its allies plan to deepen

oil cuts and have the deal in place so it runs at least until June 2020 as Saudi

Arabia wants to deliver a positive surprise to the market before the listing of

Saudi Aramco. The deal being discussed by the Organization of the Petroleum

Exporting Countries and other producers, known as OPEC+, would be to add at

least 400,000 barrels per day (bpd) to the existing cuts of 1.2 million bpd. The

existing deal expires in March."

- API inventory estimates provide interest later today, but the real focus falls

on the OPEC+ summit in Vienna later this week, which we have outlined prev.