The major oil benchmarks started 2019 on the....>

OIL: The major oil benchmarks started 2019 on the front foot, with risk assets

ticking higher, before a soft Chinese Caixin manufacturing PMI print weighed on

risk. WTI & Brent last ~$0.40 & $0.50 lower respectively.

- The space initially drew support from a tweet made by the UAE energy minister

on Tuesday which stated that "as we start a new year, I remain optimistic toward

achieving the market balance during the 1st quarter after OPEC and Non-OPEC

production cut. At this time last year we remember the same pessimistic views

which we disagreed with and as we expected 2018 was a good year."

- This came after the Algerian energy minister told Platt's that "he was

confident oil prices will return to between $65 and $70 a barrel by April, but

stressed that the OPEC alliance would cut production further if the market had

not responded by then."