Oil Nudges Lower, Aided By Downtick In E-Minis

WTI & Brent sit $0.45-0.50 lower vs. settlement at typing, with e-minis pulling back in recent trade, although there has been little in the way of meaningful headline flow to drive the move.

• Thursday saw OPEC Secretary General Barkindo look to reinforce faith in the OPEC+ production pact, even with RTRS source reports noting that "OPEC+ made little progress in September in compensating for overproduction in previous months. The volume of compensatory cuts stood at 2.33 million barrels per day in September, the sources said. The figure was 2.38 million bpd in August, sources previously said." Platts sources went as far as noting that "with the oil market's recovery from the coronavirus pandemic slower than hoped, some OPEC+ members are acknowledging that the alliance's production cuts may need to be extended."
• Elsewhere, Libyan production continues to come back online, with U.S. Gulf facilities also re-opening.