The Trump inspired risk-off flows weighed on....>

OIL: The Trump inspired risk-off flows weighed on crude overnight, with WTI

~$0.60 worse off, while Brent trades ~$0.70 below settlement levels.

- Wednesday saw the latest DoE inventory data reveal a surprise ~4mn bbl

headline drawdown in crude stocks, with drawdowns also noted in distillate &

crude stocks (that were roughly in line with exp). Refinery runs eased, while

U.S. crude production edged away from record levels. The release allowed WTI to

move to fresh intraday highs, before fading as equities struggled. Brian Hook,

the U.S. envoy to Iran, reiterated the U.S. admin's hard line on the Gulf state

on Wednesday, which was followed up by U.S. national security advisor Bolton.

- Elsewhere, RTRs sources noted that "Saudi Arabia is expected to keep its crude

exports below 7 million barrels per day in June, while output would stay under

its production quota under a global deal to cut oil supply. Moderate requests

have been received from customers for June liftings, which will all be met, most

notably from countries which previously had waivers from sanctions against

purchases of Iranian crudes that were recently discontinued by the U.S.

administration."