Risk-on flows supported crude in Asia-Pac.......>

OIL: Risk-on flows supported crude in Asia-Pac hours, WTI last ~$0.30 better

off, above Tuesday's high, while Brent is $0.40 higher, as bulls eye $70.

- Reports suggest the latest API crude inventory estimate revealed a surprise

build in headline crude stocks, alongside larger than exp. drawdowns in gasoline

& distillate inventories, as well as a build in stocks at the Cushing hub.

- Tuesday saw Russian Energy Min Novak note that the country will meet its

pledged OPEC+ production cuts by the end of April.

- U.S. VP Pence stated that the U.S. will continue to pressure Venezuela's oil

industry, as global oil prices are low enough to allow the strategy to continue.

RTRS reported that Venezuela "exported ~980K bpd of crude & fuel despite

sanctions & power outages in March." BBG reported that "Venezuela's main oil

port of Jose is operating normally" after power outages disrupted loadings.

- The U.S. Special Rep for Iran noted that improved global oil market conditions

would help reduce Iranian crude exports further.

- U.S. Energy Sec Perry suggested Congress should consider shrinking the SPR as

the ramp up in domestic production has cut reliance on petroleum imports.