Crude has consolidated Tuesday's................>

OIL: Crude has consolidated Tuesday's post-settlement gains, with WTI adding

around $0.50, while Brent trades $0.40 better off.

- The late pop higher came on the back of reports alluding to a surprise drop in

headline crude stocks in this week's API crude inventory estimate. The report

also alluded to a surprise build in distillate stocks, as well as a larger than

expected drawdown in gasoline stocks.

- Tuesday saw RTRS sources add to the recent WSJ sources piece, pointing to an

extension of the OPEC+ production pact. Russian Energy Minister Novak revealed

that his country is in full compliance with the OPEC+ pact, when he spoke late

Tuesday. Libya's NOC have agreed on a framework to facilitate the re-opening of

the El-Sharara & El-Feel oilfields, although the NOC has stressed that it needs

militants to vacate the fields before they are restarted.

- Finally, Citgo has cut ties with parent PDVSA on the back of the U.S.

sanctions on Venezuela.

- Focus Wednesday moves to the latest DoE inventory report, with median

expectations pointing to a headline crude build of 2.944mn bbls.