WTI & Crude both trade around $0.50/oz lower....>

OIL: WTI & Crude both trade around $0.50/oz lower at writing. This comes after

trade war worries and lower global growth forecasts weighed on crude on

Thursday.

- Thursday saw RTRS sources report that Saudi produced ~10.24mn bbls of crude in

January (under the OPEC+ agreement threshold), while UAE adhered to the

production pact. It is also worth noting that clashes resumed around Libya's

El-Sharara oil field.

- TransCanada has declared force majeure on the Keystone pipeline after an

earlier reported leak.

- Elsewhere, Platts reported that "the Trump administration is confident that

key ally Saudi Arabia will fill any oil supply gap caused by US sanctions on

Venezuela, with refineries along the Gulf Coast told not to expect any crude

release from the Strategic Petroleum Reserve."

- Meanwhile, legislation that would allow the U.S. gov't to sue OPEC for pushing

oil prices higher passed a key stumbling block in Congress.

- Focus today turns to Baker Hughes rig count data.