Brent & WTI last deal around unch. levels vs....>

OIL: Brent & WTI last deal around unch. levels vs. their respective settlement

levels. this comes after WTI lost nearly $0.50 on Wednesday, although Brent

managed to outperform, adding ~$0.30 on the day. Crude markets sold off in the

wake of the latest weekly DoE inventory report, which saw headline crude stocks

provide a larger than exp. drawdown, although the draw undershot the levels that

were seen in the API estimate late Tuesday. Elsewhere, distillate & gasoline

inventory data revealed larger than exp. builds, with a sizeable draw seen in

stocks at the Cushing hub. Crude production remained unchanged on the week.

- Newsflow saw the DoE note that it will deliver 10mn barrels from the U.S. SPR

from October through November.

- Meanwhile, Trans Mountain noted that it has mobilised workers to restart the

construction of its Trans Mountain expansion project.

- The Iranian situation also remains at the fore, with Tuesday seeing Iranian

President Rouhani note that if Iran's oil exports are brought down to zero then

international waterways will not have the same security as before. French

President Macron is set to meet with Iranian officials today.