WTI trades ~$0.30 above settlement, with........>

OIL: WTI trades ~$0.30 above settlement, with Brent ~$0.50 above settlement, as

risk-on flows lend support to crude in early trade this week, facilitating an

extension of Friday's rally & Q1's stellar performance.

- Late Friday saw U.S. President Trump issue a new presidential permit for the

Keystone XL pipeline project. Friday also saw the release of the latest Baker

Hughes rig count data, whereby the number of active U.S. oil rigs fell by 8.

- Friday's Asia/EU crossover saw Russian energy minister Novak play down earlier

reports that had suggested that Russia would only extend the current OPEC+

production pact by 3 months.

- In terms of weekend developments, RTRS sources suggested that the U.S. has

"instructed oil trading houses and refiners around the world to further cut

dealings with Venezuela or face sanctions themselves, even if the trades are not

prohibited by published U.S. sanctions." U.S. national security advisor Bolton

had pointed towards further sanctions on the South American state on Friday.

- The weekend also saw the Omani Energy Minister note that he expects global oil

prices to hold in the $65-$75 range until year end.