The broader risk-off flows have weighed on......>

OIL: The broader risk-off flows have weighed on crude overnight with WTI $0.50

worse off and Brent $0.70 worse off at writing.

- An uptick in weekly crude production, coupled with a smaller than expected

headline drawdown in crude oil stocks (after a larger than expected fall in the

API estimate) had oil on the back foot on Thursday. Further pressure was added

on the news that several Mid-West U.S. pipelines were back online after flooding

halted their operation.

- The broader risk-off flows have dominated the fact that regional tensions

remain elevated in the Middle East, with several explosives detonated in the

Iraqi oil city of Kirkuk, while the GCC's latest statement called on Iran to

respect the international rule of law.

- Elsewhere, the latest RTRS survey suggested that OPEC crude production hit the

lowest level since 2015 in April, with production pact compliance at 96%.