Oil continues to trade on the backfoot with.....>

OIL: Oil continues to trade on the backfoot with Brent printing at the lowest

level seen since '99 after shedding over $2 since settlement, while WTI sits

$0.30 worse off, but still some way off yesterday's low.

- Tues saw OPEC+ ministers hold a call, although Russia & Saudi weren't present.

Suggestions are that the call discussed the possibility of bringing production

cuts fwd, however, contractual obs may limit any attempts to do so in April.

- Elsewhere, dynamics in the ETF space continue to garner attention, with USO

restructuring its holdings after fresh record daily inflows, the recent dive in

front month prices and growing chatter re: the potential liquidation of the

fund's assets. Late Tuesday, reports pointed to sizeable builds across the

metrics observed in the latest API weekly inventory data, although distillate

stocks were the only measure to surpass expectations in terms of build size. 

- Elsewhere, CME hiked margin requirements in the energy space, including those

covering WTI futures, with the exchange and ICE prepping -ve strike oil options.

- Finally, it would seem that China is lagging behind commitments with its

purchases of U.S. energy.