Crude Little Changed After Tuesday's Rally

WTI & Brent sit marginally above their respective settlement levels, after a surprise, unilateral 1.0mn bpd crude production cut from Saudi Arabia (which will go into play during the months of February & March) put a bid into oil on Tuesday, allowing the metrics to add over $2.00 come settlement.

• Saudi's surprise move more than offsets marginal increases for Russia & Kazakhstan over the same period, while the remainder of the OPEC+ cohort agreed to leave their respective production quotas unchanged during those two months.
• Elsewhere, post-settlement trade saw the latest API inventory estimates reveal a roughly in-line with exp. drawdown in headline crude stocks, a small build in stocks at the Cushing hub and much larger than expected builds in both distillate and gasoline stocks.
• DoE inventory data will hit on Wednesday.