WTI & Brent have lost $1.00 & $1.20.............>

OIL: WTI & Brent have lost $1.00 & $1.20 respectively overnight, with reports

pointing to a surprise build in headline crude inventories in the latest API

inventory estimate, with reports also pointing to a build at the Cushing hub,

and larger than expected builds in gasoline & distillates.

- Tuesday saw RTRS sources suggest that OPEC+ producers are working towards a

minimum output cut of 1.3mln b/d vs. Oct levels, with 3.0-3.5% production cuts

applicable to all producers in the pact. RTRS suggest that Russia aren't willing

to meet the aforementioned % of cuts. The WSJ also ran a sources piece pointing

to discord amongst OPEC, owing to the bi-lateral decisions taken between Saudi &

Russia in recent times.

- Elsewhere, Saudi Aramco cut its OSP prices to Asia Tuesday.

- Focus remains pinned on the OPEC+ summit in Vienna.

- As a reminder this week's DoE inventory data has been delayed until Thursday,

as the U.S. observes a day of mourning following the death of former President

George H.W. Bush.