Very Narrow In Asia

WTI & Brent sit ~$0.10 below their respective settlement levels, holding to extremely narrow sub-$0.20 ranges thus far. This comes after the broader risk-positive tone supported the benchmarks on Tuesday.

• The latest round of weekly API inventory estimates hit after hours on Tuesday and was headlined by a surprise build in crude stocks, alongside a much larger than expected build for distillate stocks. We shall see if Wednesday's DoE inventories data point in a similar direction.
• Elsewhere, Tuesday saw WSJ sources suggest that "Iran has circumvented U.S. sanctions and exported more oil to China and other countries in recent months, providing a lifeline for its struggling economy and undermining the Trump administration's so-called maximum pressure campaign against Tehran."
• Tuesday also saw the release of the IEA's latest oil market report, in which the Agency cut its '20 & '21 global crude demand forecasts, following other industry bodies.