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BoK Growth Forecast Could Be At Risk

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Crude futures are lower in Asia-Pac trade after staging a tepid bounce on Tuesday; WTI is down $0.60 from settlement at $66.60/bbl, Brent is down $0.69 at $68.76/bbl. Data late yesterday showed US headline crude stockpiles rose 806k bbls according to the API, if confirmed by official figures it would be the first build since May. As such focus Wednesday turns to the weekly DoE crude oil inventories, in which markets see a draw of close to 4mln barrels in crude stocks for the week ending July 16th. For WTI support is seen at $65.56/64.60 - Low Jul 19 / 76.4% of the May 21 - Jul 6 rally, for Brent bears will target $67.43 - 76.4% retracement of the May 21 - Jul 6 rally.