WTI & Brent trade around $0.30 above............>

OIL: WTI & Brent trade around $0.30 above settlement levels, supported by risk

on-flows for a second consecutive Asia-Pacific session.

- Monday saw crude draw support from a combination of generally buoyant equity

markets and a Saudi official (cited by RTRS) stating that the Kingdom plans to

trim its oil exports below 7mn bpd & keep its output "well below 10mn bpd" (the

Kingdom committed to a maximum of ~10.3mn bpd worth of production in the OPEC+

pact) in April. This shows the Kingdom's continued desire to tighten crude

markets. Elsewhere, reports pointed to Genscape estimating a weekly drawdown of

~671K bbls at the Cushing hub. Monday also saw various reports point to Libya

producing circa 1.17mn bpd of crude as the Sharara oilfield comes back online.

The Venezuelan power outage received broader coverage on Monday, as it provided

further headwinds for the country's already faltering refiners to deal with.

- OPEC Secretary General Barkindo offered little new after a dinner event with

U.S. shale producers.

- Focus on Tuesday will fall on the latest weekly API crude inventory estimate.