WTI & Brent sit ~$0.60 & ~$0.75 above their.....>

OIL: WTI & Brent sit ~$0.60 & ~$0.75 above their respective settlement levels,

back from early highs. Supply side issues have been at the fore in early trade

this week, with moves by the Libyan rebel General Haftar and forces sympathetic

to his cause resulting in a shuttering of production at oilfields across the

nation. An NOC official noted that the country's output will be slashed to 72K

bpd within a few days if the blockades at the oil facilities continue (from over

1.2mn bpd a few days ago). The latest multi-national summit surrounding matters

in Libya failed to draw an outright conclusion over the weekend.

- Elsewhere, BBG noted that Iraq's Al Ahdab field (70K bpd) saw production

shuttered on Sunday, as security guards seek permanent contracts. The country's

Badra oilfield (50K bpd) is also at risk of being shuttered. Also worth flagging

that protestors managed to close two separate Iraqi border crossings with Iran

over the weekend.

- Elsewhere, Friday saw the U.S. grant a three month extension for a sanctions

waiver to Chevron & four U.S. oil services cos. This will facilitate a

continuation of their work in Venezuela over the period.