Marginally Lower In Asia

WTI & Brent sit $0.10-0.20 below their respective settlement levels at typing, giving back a little of yesterday's modest gains as e-minis tick lower in the wake of the release of U.S. President-elect Biden's COVID support plan (perhaps a bit of buy the rumour sell the fact crept in).

• There has been little in the way of meaningful crude-specific headline flow over the last day or so, with the latest OPEC monthly oil report (which covered the month of December) a little outdated given the moves made by OPEC+ in early January.
• Elsewhere, the Iraqi oil minister noted that the country is in "heavy talks" with OPEC+ re: postponing adherence to the compensation scheme for overproduction vs. the quota prescribed in the group's pact. He noted that "OPEC members and allies were understanding to Iraq's situation and its financial crisis," and that the compliance issues stemmed from the non-commitment of the country's Kurdish region.