WTI & Brent sit the best part of $1.00 lower,...>

OIL: WTI & Brent sit the best part of $1.00 lower, with risk sentiment on the

backfoot and further re-closures of some businesses in California front and

centre. This allowed bears to build on the momentum seen in the latter part of

Monday's session.

- Monday saw RTRS source reports suggest that "Saudi Arabia's oil exports in

August will remain the same as in July as the extra barrels the kingdom is set

to pump next month under an OPEC+ deal will be consumed domestically to meet

rising power generation demand."

- Tensions surrounding Libya and Saudi/Yemen continue to draw the interest of

bulls.

- Elsewhere, OPEC+ overproducers Iraq and Nigeria pledged to fall in line with

the production pact in the coming months, on top of overcompliance to make up

for recent transgressions.

- Finally, the EIA suggested that U.S. shale production will fall by 56K bpd in

August vs. July, which would represent a 2-Year low for production.