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

OIL: WTI & Brent sit ~$0.20 below their respective settlement levels, holding

tight ranges during Asia hours after a degree of pessimism surrounding the trade

war applied pressure to the space during Monday's NY session N.B. crude had

already started to trade defensively in the latter part of the EU morning.

- In terms of news flow, continued unrest in Iraq & Iran, as well as reports of

Yemeni Houthis seizing several ships in the Gulf, did the rounds on Monday.

- On the supply side, Monday saw the EIA increase its expectations re: U.S.

shale oil output for the month of November, as it lifted its forecast by ~113K

bpd, with a further 49K bpd rise pencilled in for the month of December.

- Early Monday also saw Russia's first half of November production figures

leaked via Interfax sources. The report pointed to production of 11.246mn bpd

vs. October's 11.229mn bpd & and OPEC+ threshold of 11.19mn bpd.