Tight Overnight After Wednesday's Uptick

WTI & Brent are little changed vs. settlement levels, holding tight ranges during Asia-Pac hours, after the benchmarks added ~$0.85 come settlement time on Wednesday, with a softer US$ providing support, even as equities moved lower during NY trade.

• Tuesday saw a couple of newswire source reports point to OPEC+ production pact compliance of 102% during the month of September, largely in line with levels seen in August.
• The IEA's monthly oil market report added little to the discussion.
• On the private side, Occidental's chief executive noted that the firm expects global oil supply and demand will rebalance by the end of 2021.
• On the inventory side the weekly API inventory estimates revealed sharper than expected drawdowns in headline crude and distillate stocks, while stocks at Cushing saw a build and gasoline stocks witnessed a largely in line with expected drawdown. Weekly DoE inventory data is due Thursday. These numbers are likely distorted by goings on in the gulf of Mexico, with a little over 30% of U.S. gulf crude production still shut in, per yesterday's BSEE tally.