Off API-Induced Lows

WTI & Brent sit ~$0.15 below their respective settlement levels at typing, unwinding some of their API-induced post settlement weakness, aided by a weaker US$ and uptick in e-minis during overnight dealing. Reports suggested that this week's API reading revealed a surprise build in headline crude stocks, a larger than exp. drawdown in distillates, a roughly in line with exp. drawdown in gasoline stocks and a build at the Cushing hub.

• This comes after the benchmarks added ~$0.55-0.65 come Tuesday's settlement, supported by the U.S. fiscal dynamic (with focus on a deal being struck, as opposed to when). There was also some speculation (via source reports) that Russia could support an extension of a pact to uphold the current OPEC+ production levels beyond the end of '20, with Russian Energy Minister Novak subsequently stressing that "it is too early to talk about the future of the OPEC+ deal beyond December."
• Weekly DoE inventory data is due to be released on Wednesday.