WTI & Brent trade $0.35 & $0.20 below their.....>

OIL: WTI & Brent trade $0.35 & $0.20 below their respective settlement levels.

Matters surrounding the well documented attacks on Saudi oil facilities drove

price action on Tuesday, with source reports pointing to full Saudi production

within weeks as opposed to months weighing on crude, before being confirmed by

the Saudi Energy Min, ABS. ABS also stated that there will be no extraordinary

OPEC meeting on the back of the attack, while U.S. Pres. Trump noted that he

didn't think it would be necessary to release oil from the SPR. Also worth

flagging that a fire at Mexico's Salina Cruz refinery is deemed to be under

control, with no impact on production, per a Pemex official who spoke with BBG.

- DoE inventory data is due on Wednesday, although the latest API inventory

estimate (which reportedly showed a surprise, modest build in headline crude

stocks, a draw in stocks at Cushing, a larger than exp. build in distillate

stocks & a surprise build in gasoline stocks) had little in the way of a lasting

impact on crude. Elsewhere, we are set to see a Saudi Defence Ministry press

conference that will reportedly reveal Iran's involvement in the weekend attacks

on Aramco facilities (namely through the use of Iranian weapons).