WTI and Brent have shed ~$0.80 and ~$0.60 vs....>

OIL: WTI and Brent have shed ~$0.80 and ~$0.60 vs. their respective settlement

levels, with Asia seemingly less than enthralled by the latest bout of OPEC+

shenanigans, while the slight downtick in equities would have also added some

light pressure to crude.

- It would seem that the OPEC+ group will convene at some point around the

middle of June, a little later than the original source suggestions (which

pointed to today). While reports point to agreements between Saudi & Russia re:

a 1-month pact extension, focus continues to fall on compliance, so this

mid-month meeting date will give participants the ability to assess May's global

crude data and make judgements from there. Source reports seen on Wednesday have

already pointed to Saudi cutting back on overcompliance levels, given the

broader questions re: non-compliance.

- Wednesday's weekly DoE inventory data painted a similar picture to the API

estimates, albeit with a far heftier build in distillate stocks.

- Eyes also on tropical storm Cristobal which made landfall in Mexico and is set

to move towards the U.S. Gulf Coast in coming days.