WTI & Brent sit ~$1.25 below their respective...>

OIL: WTI & Brent sit ~$1.25 below their respective settlement levels at writing,

with continued focus on the economic fallout surrounding the Chinese Coronavirus

evident.

- This saw the Saudi Energy Minister come forward, as he noted that the kingdom

was closely monitoring developments in the global oil markets. He attributed the

recent developments to "gloomy expectations" re: Coronavirus and talked up the

prospects of the Chinese government tackling the issue, reiterating that OPEC+

has the capability to stabilise the market, if needed.

- Elsewhere, focus continues to fall on Libya, with signs that the recently

brokered arms embargo is being broken by several countries, and that general

Haftar is moving his forces to attack a new front. The weekend saw the state-run

NOC note that national production has fallen below 300K bpd, vs. the 1.2mn BPD

that was seen earlier this month.

- A reminder that Friday's Baker Hughes rig count saw an uptick in active U.S.

oil rigs.