WTI sits $0.40 below settlement levels, with....>

OIL: WTI sits $0.40 below settlement levels, with Brent $0.30 worse off,

pressured by reports pointing to a larger than expected headline crude stock

build in the latest weekly API inventory estimates. The reports also pointed to

a build at the Cushing hub, a larger than expected drawdown in distillate stocks

and a smaller than expected drawdown in gasoline stocks.

- Tuesday saw the major benchmarks settle higher, aided by a RTRS sources piece

suggesting that "OPEC and its allies will consider whether to deepen cuts to

crude supply when they next meet in December due to worries about weak demand

growth in 2020." The article went on to suggest that "Saudi Arabia, OPEC's de

facto leader, wants to focus first on boosting adherence to the group's

production-reduction pact with Russia and other non-members, an alliance known

as OPEC+, before committing to more cuts."

- Elsewhere, late Tuesday saw CME lower NYMEX crude oil futures margins for

December.

- The latest round of weekly DoE inventory data will draw attention later today.