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Oil is lower in Asia-Pac trade on Tuesday; WTI is down $0.21 at $52.56, while brent is $0.29 lower at $55.59.

Markets adopted a broadly risk off tone in Asia as a resurgence in Covid-19 and tighter lockdowns dent the demand outlook.

  • The downside is tempered as markets weigh lower supply; Iraq is reducing production to compensate for exceeding its quota in 2020, it will pump 3.6m BPD in January and February, some 250k BPD lower than December and the lowest since 2015. Supply from Libya could also be disrupted as strikes over pay disputes go ahead.
  • Attention will turn to how strict travel restrictions are in China over the LNY period, and API inventory data late on Tuesday.