WTI & Brent print $0.70 & $0.80 above their.....>

OIL: WTI & Brent print $0.70 & $0.80 above their respective settlement levels at

writing.

- Crude has tracked broader risk appetite since yesterday's European session,

rebounding from lows, with reports of a surprise drawdown in headline crude

inventories in the latest weekly API inventory estimates also helping in more

recent trade. The remainder of the report revealed a build in stocks at the

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

expected drawdown in distillate stocks, which is a lot less bullish than looking

at the headline in isolation.

- Elsewhere, source pieces continue to do the rounds re: the potential for OPEC+

to extend/deepen its current production pact. As a reminder, the current pact

expires in March, and senior oil officials from the likes of OPEC itself & Saudi

have noted that it is too early to come to such a decision/make any judgements

(as is the norm).

- Weekly DoE inventory data is due later today.