WTI & Brent print ~$0.40 & ~$0.50 above their...>

OIL: WTI & Brent print ~$0.40 & ~$0.50 above their respective settlement levels,

aided by reports of a larger than expected drawdown in the weekly API crude

inventory headline estimate, with the reports also pointing to a drawdown at the

Cushing hub, a smaller than expected build in distillate stocks and a larger

than expected build in gasoline stocks. The DoE's weekly inventory release is

due later today.

- Participants remain focused on goings on in Vienna, with OPEC+ officials in

town. BBG sources suggested that that the OPEC+ JTC did not discuss deeper

output cuts on Tuesday, and made no recommendation re: a specific length of

extension to the current production pact, per the same sources. BBG sources also

noted that the JTC sees overall pact compliance at ~140%.

- Russia has flagged that it expects a constructive meeting, while Tuesday also

saw Iraq's oil minister note that "a deeper cut is being preferred by a number

of key members within OPEC... my understanding is that they (Saudis) do (prefer

it)." The Iraqi oil minister then reiterated that countries are talking about a

400K bpd cut, although he noted that there was no final decision as of yet.