Both WTI and Brent trade around $0.30 lower.....>

OIL: Both WTI and Brent trade around $0.30 lower at writing.

- A bullish session for U.S. equities helped the major crude benchmarks to

reverse most of the losses that they sustained in early trade on Tuesday. That

was before the latest API crude inventory estimate pressured crude in

post-settlement trade, with reports pointing to a surprise build in headline

crude stocks, coupled with larger than expected gasoline and distillate builds,

as well as a build at the Cushing hub.

- Also worth highlighting that Tuesday saw Iran continue to provide opposition

to the early July timing of the next OPEC+ summit, as proposed by Russia (it was

initially scheduled for late June), with Algeria and Kazakhstan also noting that

they deem the timing to be unsuitable.

- Focus now moves to the DoE inventory release, due later today.