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Bull Cycle Intact


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OIL: WTI trades $0.10 higher at writing, with Brent dealing $0.20 better off.
This comes in the wake of relatively sharp losses Monday, as doubts crept in re:
the ability of OPEC+ to deliver its proposed production cuts.
- A stronger USD also pressured crude late Monday, after a shaky risk backdrop
applied pressure in early dealing (there was little sign of a notable bid in oil
to accompany the recovery in U.S. equities).
- Libya supply/export issues were also evident early this week.
- Focus moves to the weekly API crude inventory estimate, due later today, with
median exp. looking for a headline crude drawdown of ~2.75mn bbls in this week's
DoE inventory data, due Wednesday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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