Equity markets have struggled in Asia-Pacific...>

OIL: Equity markets have struggled in Asia-Pacific trade, which has spilled over

into crude. WTI & Brent trade $0.60 & $0.45 softer respectively at writing,

after the former outperformed the latter on Tuesday.

- Geopolitical tensions, as well as familiar supply side issues continue at the

fore.

- Tuesday saw RTRS sources note that "Russian Urals crude supplies to Poland and

Germany are expected to be fully restored in July, three months after oil

flowing through the Druzhba pipeline became contaminated. Urals crude supplies

to Poland and Germany are expected to return to their normal level of 145,000

tonnes per day in July, according to the sources. They are planned at 65,000

tonnes per day, after the pipeline is expected to restart next month."

- Also worth highlighting that China's NDRC has indicated that the county's oil

product consumption fell by 2.4% in Y/Y terms in the month of April.

- Focus now moves to the weekly API crude inventory report, due later on

Wednesday.