WTI & Brent trade ~$0.60 above settlement at....>

OIL: WTI & Brent trade ~$0.60 above settlement at writing. This comes after the

benchmarks failed to hold the early bid during Tuesday's session, as Coronavirus

inspired worry left bears in control. Reports suggested that the latest weekly

API inventory estimates revealed a larger than exp. build in headline crude

stocks, a larger than exp. drawdown in distillates, a marginally smaller than

exp. build in gasoline and a build at the Cushing hub.

- Focus continues to fall on the latest OPEC+ meeting, with BBG sources

reporting that Russia is pushing back against Saudi suggestions of a minimum

500Kbpd production cut for the group (Russian Energy Min Novak noted that it is

too early to make any decisions on production when he spoke on Tuesday). The JTC

will make a recommendation on Wednesday. Argus Media reported that OPEC

documents that they have seen point to demand growth being cut by > 200K if the

virus outbreak lasts for > 6 months.

- Iraq already noted that it will support any decision to stabilise oil markets.

- Also worth flagging that Libya crude production has now fallen below 200K bpd.

- Elsewhere, Trans Mountain pipeline overcame a Canadian legal hurdle Tuesday.