The major crude benchmarks have stuck to........>

OIL: The major crude benchmarks have stuck to tight ranges in Asia-Pacific

trade, with WTI & Brent hovering around unchanged levels, after $70 capped

Brent's gains on Wednesday.

- Oil clung on to the tails of Wednesday's early risk-on flows, before the

aforementioned psychological resistance level came in to play.

- Supply side matters also helped to limit gains, with the latest round of DoE

weekly inventory data providing a "surprise" build in headline crude stocks, as

well as an uptick in stocks at the Cushing hub. On the product front,

distillates and gasoline stocks witnessed drawdowns. All-in-all, the report

mimicked patterns observed in the latest API estimates, albeit with a larger

headline build.

- Crude producing Libya continues to experience political headwinds, with

government authorities declaring a military alert after the Eastern Libyan

forces announced a move west.