Crude added to Tuesday's gains overnight,.......>

OIL: Crude added to Tuesday's gains overnight, with WTI & Brent both printing

$0.60 or so higher at writing. While risk appetite has supported, oil has taken

its cues from headlines re: Saudi production over the last 24 hours or so, with

the Kingdom noting that it will once again cut oil production by larger levels

than are prescribed by the OPEC+ production agreement during the month of Feb.

Monday also saw Russia allude to deeper cuts during the month of Feb.

- OPEC's monthly crude report saw the cartel trim its global oil demand f'cast

for '19, while it lifted it's non-OPEC supply f'cast over the same horizon. OPEC

Sec Gen Barkindo later pressured OPEC+ producers to conform with the production

pact. The EIA monthly crude report saw the agency cut its global crude demand

outlook for '19 & '20, while it nudged up its '19 U.S. production estimate.

- The weekly API crude inventory estimate reportedly revealed a surprise

drawdown in headline crude stocks. The report also noted that distillate stocks

fell by a larger than expected amount, while gasoline stocks provided a roughly

in line with exp. build. Elsewhere, stocks at the Cushing hub fell.

- Focus now moves to the weekly DoE inventory data, due later today.