Marginally Higher In Asia After Monday’s Recovery

WTI & Brent crude futures sit ~$0.25 above their respective settlement levels at typing, with participants having little to trade off in overnight dealing.

• A reminder that Monday saw the early Chinese-inspired weakness, stemming from worry re: the COVID situation in Beijing & soft PMI data, countered by demand for refined products. This allowed the early losses in crude to be reversed, as the two major benchmarks finished with modest gains, aided by the continued global distaste (in general, not absolute terms) for Russian fuel.
• Weekly API inventory data is due late in the NY day on Tuesday.