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Crude Futures Extend Losses

OIL

After dropping on Tuesday oil is lower in the Asia-Pac time zone on Wednesday, though is holding above yesterday's lows. WTI is down $0.85 from settlement levels at $64.64/bbl, Brent is down $0.87 at $67.84/bbl. Data late yesterday showed headline crude stocks rose 620k bbls while stocks at Cushing rose 52k bbls. The downstream report was more bullish with gasoline stockpiles declining 2.84m bbls, distillate dropping 2.58m bbls. Elsewhere focus in negotiations over Iran's nuclear deal. A Russian representative to the UN IAEA said that while progress had been made, unresolved issues remain. If a deal is reached waivers for Iranian crude are expected to be reinstated which would bring significant supply back to market.

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