WTI and Brent trade between $0.10 & $0.20.......>

OIL: WTI and Brent trade between $0.10 & $0.20 higher at writing after the

metrics slid on Wednesday, fading after registering intraday highs in the wake

of the latest DoE inventory data. The much larger than expected headline crude

drawdown was virtually in line with what the API inventory estimates pointed to,

Cushing & gasoline stocks experienced small drawdowns, while distillate stocks

saw a small build. Production also pulled back to 11.3mn bpd in the latest week,

from 12.0mn bpd the week before (although Tropical Storm Barry may have provided

some distortion).

- The major bearish factor came as reports pointed to Saudi Arabia & Kuwait

discussing resuming production in their neutral zone, which could add ~500K bpd

to each of the two nations' production levels. Elsewhere, the The Kuwaiti Ports

Authority manager said that there is coordination between Gulf & Arab countries

to secure the safety of maritime traffic in Gulf waters, per KUNA.

- The negative slew of U.S. & EZ m'fing PMI releases was largely ignored by

participants.

- Also worth flagging that Iran seemingly hardened its rhetoric against the U.S.