Image: Global Risk Management

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Saudi Arabia and Russia allegedly over the weekend discussed increasing OPEC and non-OPEC oil production by 1 mio. barrels per day to offset the decline in Venezuelan output and potential re-imposing of sanctions against Iran. Likely, the decision will not be finalized until the official meeting in June... at the earliest. But the mere info of the discussion seems to weigh on oil prices. U.S. oil production continues to increase and currently stands at 10.73 mio. barrels per day - just shy of top producer Russia, which pumps around 11 mio. barrels per day

The first tropical storm of the season, Alberto, made landfall over Florida and is likely heading for Canada. The storm is being closely watched and caused closures of energy operations in the Gulf of Mexico over the weekend.

The weekly oil stocks data from the American Petroleum Institute (API) and the Energy Information Administration (EIA) are one day delayed due to yesterday's holiday; so they will be published tomorrow evening and Thursday at 17.00 CET respectively.

Financial markets' focus turn to the continued political uncertainty in Italy, the potential election and discussions on leaving the EU; and Spain, where the prime minister is facing a vote of confidence in his leadership later this week.

Today, is a holiday in Singapore. Later today sees a row of central bank speeches and U.S. consumer confidence data.