WTI and Brent sit ~$0.20 below their............>

OIL: WTI and Brent sit ~$0.20 below their respective settlement levels at

typing. This comes after the latest API inventory estimates reportedly provided

a larger than expected build in headline crude stocks, which was accompanied by

larger than expected drawdowns in both distillate and gasoline stocks, in

addition to a small draw at the Cushing hub.

- Crude followed the broader ebb and flow of risk appetite on Tuesday,

registering modest losses on the day as risk sentiment waned into settlement.

- In terms of supply side dynamics, Petrologica pointed to a 1.25mn bpd decline

in OPEC crude production thus far in June (vs. May), but warned that the

production levels observed within the 10 OPEC nations bound by output targets

remain a cumulative 1.55m bpd above full compliance levels. Elsewhere, an Energy

Intelligence reporter noted that there is "still no sign of OPEC hosting a press

conference this week... might mean that producers that haven't been complying

will need to present better plans for their cuts."

- DoE inventory data headlines on Wednesday.