WTI and Brent trade $0.70 & $0.60 worse off.....>

OIL: WTI and Brent trade $0.70 & $0.60 worse off at writing, edging lower in

Asia-Pacific hours, after the latest round of API inventory data triggered a

sell-off in post-settlement trade on Tuesday. Reports suggest that headline

crude stocks saw a much larger than expected build, with gasolines stocks

experiencing a largely in-line drawdown, distillate stocks saw a larger than

expected drawdown, while stocks at Cushing experienced a build.

- Futures expiries across the oil complex created volatility on Tuesday, as did

the ongoing Venezuelan tensions, which escalated, though Maduro still clings to

power.

- On the supply side, the latest RTRS survey suggested that OPEC crude

production slipped by 90K bpd in April, which would represent the lowest level

seen since 2015.

- Before this, early European hours saw Saudi Energy Minister Al-Falih note that

he is keen to see the OPEC+ production pact extended through H219, while

reiterating his county's pledge to produce significantly less crude than is

permitted by the OPEC+ pact.