Crude rallied in Asia-Pac hours, with WTI &.....>

OIL: Crude rallied in Asia-Pac hours, with WTI & Brent sitting the best part of

$0.60 above their respective settlement levels at typing, extending on the late

recovery that was seen in NY trade on Tuesday, as U.S. equity markets recovered

from worse levels.

- In terms of crude specifics, Tuesday saw the latest round of phone calls

between the Russian Energy Ministry and OPEC+ partners, this time with its Saudi

counterpart, although details re: the call were sparse. Elsewhere, the Russian

Deputy Energy Minister noted that the March 6 OPEC+ meeting will go ahead as

planned, disappointing those looking for the meeting to be moved forwards.

- Tuesday also saw the EIA trim its U.S. shale oil output growth forecast for

Feb.

- Libyan production moved even lower, with increased focus on the continued

unrest in the country after fuel vessels were evacuated from Tripoli Port as

Haftar's Eastern forces launched a missile attack.

- API crude inventory estimates headline on Tuesday.