Brent & WTI hovered around Tuesday's............>

OIL: Brent & WTI hovered around Tuesday's settlement levels despite reports

pointing to a surprise, albeit modest, headline build in the latest API crude

inventory data, accompanied by a larger than expected build at the Cushing hub,

and a smaller than expected build in distillates & gasoline stocks. Crude's bid

faded throughout Tuesday's session, after drawing some early support from the

continued uptick in risk sentiment/weaker USD.

- There were late WSJ reports stating that "Iranian oil shipments are declining

at a faster-than-exp. pace ahead of U.S. sanctions. Iran exp. crude exports to

fall by a third in Sep, according to people familiar with purchasing plans."

- Elsewhere there were reports that Mexico's incoming government is mulling an

'indefinite' suspension of competitive auctions for oil & gas producers as well

as PEMEX JV partners, and withdrawing from the international energy agency

(IEA), with the aim of forging closer ties with OPEC.

- Finally, reports suggested that Venezuela's PDVSA will keep the south dock at

the Jose Offshore Oil Platform, the main loading point of Venezuelan crude, shut

for ~27 days after an accident damaged fenders over the weekend.