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Asia-Pacific trade saw crude draw support.......>

OIL: Asia-Pacific trade saw crude draw support from a largely weaker USD &
uptick in risk appetite, with WTI & Brent adding ~$0.60 apiece at writing.
- RTRS sources reported that "three cargoes of U.S. crude are heading to China
from the U.S. Gulf Coast, the first departures since late September and a 90-day
pause in the two countries' trade war that began last month."
- Elsewhere WSJ reported that "the U.S. is evaluating whether to impose tougher
sanctions against Venezuela's military and vital oil industry."
- Monday saw the major crude benchmarks settle higher, recovering from the early
hit that they took on the back of the soft Chinese trade breakdown, as OPEC
firmed up dates for the next JMMC, which will be held in Baku in the month of
March. Monday also saw comments from Saudi energy minister Al-Falih, who stated
that the global economic slowdown will not weigh on crude prices.
- The weekly API crude inventory estimates dominate on Tuesday, with analysts
looking for a 1.3mn bbl draw in headline crude stocks in this week's official
DoE inventory release.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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