WTI and Brent trade around unchanged levels,....>

OIL: WTI and Brent trade around unchanged levels, regaining some poise in

Asia-Pacific hours after sliding in post-settlement trade, even as reports

pointed to a larger than expected headline drawdown in crude and distillate

stocks in the latest API inventory estimate. The reports also pointed to a

drawdown in stocks at the Cushing hub, although this was smaller than some

expected, in addition to a larger than expected build in gasoline stocks.

- Brent now operates in technical bear market territory after closing 20% below

the April peak (based on a continuation chart), with worry surrounding global

demand underscoring the recent price action. On that note, the EIA cut its 2019

world oil demand growth forecasts on Wednesday but nudged its 2020 projection

higher. The agency also lifted its U.S. crude production forecasts for both 2019

& 2020.

- Elsewhere, the latest Platts survey pointed to OPEC crude oil production

falling to a five-year low in July, at 29.88mn bpd, with Saudi still leading the

way in terms of production cuts. The survey also pointed to 117% compliance for

the 11 OPEC members with quotas under the OPEC+ production agreement.