Back From Best Levels

WTI & Brent sit a handful of cents above settlement levels, after lodging the most modest of gains on Wednesday, edging back from best levels in Asia-Pac hours as a broader defensive feel crept into the timezone.

• Wednesday saw the release of the latest monthly OPEC report, which saw the cartel slash its expectations for global crude demand in both '20 and '21.
• Elsewhere, a BBG sources piece noted that "talks between OPEC and its allies are zeroing in on a delay to next year's planned oil-output increase of three to six months, according to several delegates... This idea hasn't garnered widespread support so far among members, one delegate said." Earlier in the day we saw the Algerian Energy Minister flag an extension/deepening of production cuts as possibilities.
• Also on the supply front, Wednesday saw source reports pointing to yet another uptick in Libyan crude production, although current levels still remain shy of target levels outlined by the country's oil officials in recent days.