WTI & Brent sit ~$2.00 above their respective...>

OIL: WTI & Brent sit ~$2.00 above their respective settlement levels at typing

N.B. the latter sees the front month expire later today, while the former has

seen open interest roll out the curve on the back of the recent re-allocation

moves from USO and index tracking requirements re: S&P benchmarks. Positive

signs re: U.S. gasoline inventories & Chinese traffic activity metrics in the

major cities may be aiding the bid, with the latest move higher in equities also

supporting. Still, the seemingly never ending supply of Saudi crude continues to

make its way to the U.S., ahead of the imposition of the global producer

production pact. On that front, Norway is now fully onboard with the pact, and

has outlined its production reduction schedule.

- Elsewhere, the Trump administration has noted that it will "soon" release its

plan re: support for the sector, with Tsy Sec Mnuchin pointing to ongoing

exploration re: increased storage facilities.

- Also worth flagging that the chair of Texas' energy regulator opposes the

proposal that would mandate oil producers within the state to cut back on

production.