The major crude benchmarks managed to edge......>

OIL: The major crude benchmarks managed to edge away from their overnight lows,

as did broader risk appetite, although WTI & Brent still sit $0.60 and $0.40

below their respective settlement levels at typing.

- Wednesday saw delegates suggest that OPEC+ production pact compliance stood

around ~87% during May, while OPEC's monthly crude oil report pointed to an

unchanged global crude demand outlook for '20 vs. previous estimates. Also worth

noting that the OPEC+ JTC made no technical recommendations re: pact extensions

ahead of today's JMMC's gathering.

- The latest weekly DoE inventory data revealed a slightly shallower than

expected build in headline crude stocks, a surprise draw in distillates, a

deeper than expected drawdown in gasoline stocks & a draw at the Cushing hub,

while U.S. crude production fell to levels not seen since '18.

- Elsewhere, Trafigura noted demand is back to 90% of typical levels.

- Interesting to note that Clipper highlighted "Chinese crude floating storage

(i.e., which has been there >7 days) has climbed above 50 million barrels for

the first time."