A tepid session for crude, Brent & WTI trade....>

OIL: A tepid session for crude, Brent & WTI trade around $0.10 above settlement.

- Risk-on flows on the back of the combination of the latest Sino-U.S. trade

developments & stronger than exp. headline U.S. data supported crude on

Thursday, with fresh highs seen on the back of a much larger than exp. drawdown

in headline crude stocks in this week's DoE inventory data, which was at odds

with the API estimate. Distillate & gasoline inventories also witnessed a larger

than exp. drawdown, as did stocks at Cushing, while production edged lower &

refinery utilisation moderated. Crude then edged back ahead of settlement.

- The Argus OPEC survey suggested that cartel production rose by ~150K bpd in

Aug, with those members that are participating in the OPEC+ production pact well

below total quota. Argus suggested that Saudi production rose by 100K bpd, but

that would still put the Kingdom's production over 600K bpd below its agreed

ceiling. Elsewhere Saudi Crown Prince MbS & Iraqi PM Mahdi highlighted the

importance of achieving oil market stability through join cooperation

- Finally, RTRS sources suggested that "Mexico has made the first moves to

launch its annual $1 billion oil hedging program by asking banks for quotes."