WTI last +$0.20, with Brent +$0.25, drawing.....>

OIL: WTI last +$0.20, with Brent +$0.25, drawing light support from Trump's

latest comments re: China.

- Supply side factors centring on Iranian tensions, the Houston shipping channel

and Saudi tankers receiving significant damage in a sabotage attack supported

prices into early Europe on Monday. Elsewhere, Russian crude output was rumoured

to have eased in the early part of May, indicating production cuts that exceed

what is required under the OPEC+ agreement i.e. doing more than it has to.

- Monday also saw RTRS source reports suggest that Iran is insisting "on

exporting at least 1.5mn BPD of oil, triple May's expected levels under U.S.

sanctions, as a condition for staying in an international nuclear deal." This

added some pressure to the space (the U.S. wants to "zero" Iranian crude

exports, with the country exporting <1mn BPD at the end of April). Later in the

day, the U.S. DoE noted that it believes global oil markets are adequately

supplied. The broader risk-off flows also took their toll on the crude complex

on Monday, resulting in a lower settlement for both of the major benchmarks.

- Weekly API crude inventory estimates will draw attention later today.