WTI & Brent sit around $0.25 higher at..........>

OIL: WTI & Brent sit around $0.25 higher at writing, leaning on a slightly

stronger than expected Chinese Caixin manufacturing PMI release for support

overnight (even though the metric remained in contractionary territory).

- Contract expiries across the complex had an effect on Thursday's price action.

- In terms of headlines, JBC's survey suggested that OPEC output fell by 550K

bpd in February, while Nigerian energy minister Kachikwu suggested that Nigeria

complied with its OPEC+ requirements during February.

- It is worth noting that U.S. Energy Sec Perry said that "anti-OPEC legislation

under consideration in Congress could lead to an oil price spike by preventing

the world's producers from managing supply."

- Meanwhile, in Venezuela, Platts reported that "PDVSA now has 10.8 million

barrels of crude sitting dockside without a buyer due to US sanctions."

- Finally, Alberta's Premier Notley noted that the Canadian province will again

ease back on its mandatory crude production cuts due to lower storage levels.

- Baker Hughes rig count data will hate late Friday.