Brent & WTI have stuck to tight ranges in.......>

OIL: Brent & WTI have stuck to tight ranges in Asia-Pacific hours, trading

around unchanged levels at writing. This comes after crude struggled on Tues, as

U.S. traders returned from the holiday weekend & a risk-off theme dominated.

Focus on worry surrounding the global econ hindered risk assets, while the Saudi

& Russian energy mins cancelled their respective trips to Davos. OPEC Sec Gen

Barkindo was quick to stress that Russia plans to continue its work with OPEC.

Some desks cited worry re: Chinese demand for crude & LNG imports, in lieu of

the Chinese GDP data. Also worth noting that the Azerbaijan President suggested

that the OPEC+ production deal would see oil prices trade in a $60-70/bbl range.

- Tuesday also saw RTRS reporting "Venezuela's state-run PDVSA is offering to

sell up to 4.45mn bbls of crude on the open market and to buy 1.2mn bbls of

gasoline for prompt delivery as its refineries struggle to operate, traders said

on Tuesday." Focus also falls on U.S-Venezuelan tensions.

- Focus today falls on the weekly API crude inventory data, with median exp. of

a ~160K bbl draw in headline crude stocks in this weeks DoE report, due

Thursday.