WTI & Brent sit $0.70-$0.80 above their.........>

OIL: WTI & Brent sit $0.70-$0.80 above their respective settlement levels.

- OPEC+ is front and centre ahead of its gathering in Vienna (with only critical

level staff & ministers joining goings on, and no press in attendance, putting

video links in play). Base line expectations now seem to look for a further 1mn

production cut, through at least June, on the back of source reports re: the JTC

recommendations, although the JMMC may alter this when it convenes on Wednesday.

- Worth noting that the Russian Energy Ministry remains non-committal.

- Also, worth pointing to reports re: the latest API crude inventory data, which

revealed a smaller than expected headline crude build, a draw at the Cushing

hub, a larger than expected draw in gasoline stocks and a slightly smaller than

expected draw in distillate stocks.

- Outside the first day of the OPEC+ gathering, focus Wednesday turns to weekly

DoE inventory data.