WTI & Brent sit below settlement levels after...>

OIL: WTI & Brent sit below settlement levels after fading from best levels on

Monday, with the former $0.10 worse off and the latter $0.20 worse off at

writing.

- There were plenty of supply side headlines on Monday, Energy Intel sources

suggested that Saudi crude production slid to 9.65mn BPD in the month of April.

Shortly after that Saudi Energy Minister Al-Falih noted that the country is

willing to do whatever is required to stabilise the global oil markets.

- On Russia's part, Energy Minister Novak revealed that the country's May

production levels were representative of a 317K bpd cut from October 2018 levels

(to which the OPEC+ agreement is benchmarked), whether this was forced by the

Druzhba pipeline issues is open to interpretation. Novak also noted that the

country is committed to sticking to the OPEC+ deal production levels in the

month of June.

- Asia-Pacific hours saw reports suggest that the Norwegian oil & gas workers

have reached a wage deal which will avert the threatened strike.

- API oil inventory estimates will draw attention later today.