WTI & Brent sit $0.20 or so below their.........>

OIL: WTI & Brent sit $0.20 or so below their respective settlement levels at

typing, after lodging losses on Tuesday, as worries re: China's Coronavirus

spread, hampering risk appetite in the process. Tuesday also saw some focus on a

piece from Wood Mackenzie, which concluded that "China's purchases of U.S.

energy will fall some way short (of promises made in the phase 1 trade deal)

over the next two years. But much will depend on China; if the country's

leadership is fully committed to meeting the target then it has the executive

power to remove tariffs at any time."

- Tuesday also saw the Saudi Energy Min, AbS, laud the re-appointment of the

Russian Energy Min Novak in the Russian cabinet re-shuffle. RTRS ran some

comments from AbS, asking if he believed that Russia would extend its commitment

to the OPEC+ pact in March. His response? "Only death will take us apart."

- Elsewhere, the EIA noted that shale oil output is expected to rise by ~22Kbpd

in the month of February, which would represent the smallest monthly increase

since a fall in production back in February 2019.

- API inventory estimates are due later on Wednesday.