WTI & Brent trade a few cents higher apiece,....>

OIL: WTI & Brent trade a few cents higher apiece, after struggling on the back

of broader risk aversion on Monday, with uptick in last week's Baker Hughes rig

count also catching attention. Brent has reclaimed $60 at writing, with WTI back

above $52.00.

- Focus remains on the events in Venezuela, after the U.S. levied sanctions on

the country's state owned oil giant, PDVSA. Overnight, RTRS sources reported

that "Venezuela's state-run company oil company, PDVSA, ordered customers with

tankers waiting to load Venezuelan crude bound for the United States to pay for

the cargoes before they depart."

- Saudi Energy minister Al-Falih took to the wires on Monday, revealing that the

country plans to produce 10.1mn bpd in February, lower than its OPEC+ production

cap of 10.31mn bpd.

- Traders now look to the latest API inventory estimate, due late on Tuesday.