International Energy Agency (IEA) is out with its monthly forecast report and has raised 2017 global oil demand growth forecast by 0.1m bpd to 1.4m bpd.

Additional headlines:

   •   OPEC production fell by 1m bpd in Jan leading to initial compliance of 90% of output cut deal
   •   non-OPEC output will grow by 0.4m bpd in 2017 due to US, Canada, Brazil
   •   OECD total oil stocks fell nearly 800k bpd in Q4 2016, largest fall in 3 years

Immediately after the news flash, WTI crude oil surged to fresh session peak near mid-$53.00s.

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