WTI & Brent both trade around $0.25 lower at....>

OIL: WTI & Brent both trade around $0.25 lower at writing.

- Wednesday's DoE inventory data largely echoed what was seen in the API

inventory estimate on Tuesday. Also worth highlighting that the official release

revealed that U.S. crude production registered a fresh record high in the week

covered by the data. This countered supply side risks evident in Venezuela &

Libya, and saw crude register fresh session lows.

- Elsewhere, Wednesday saw the WSJ report that Iranian officials have suggested

that the country's crude sales may fall to a mere 300-400K bpd this summer,

though neighbouring Iraq is reportedly set to boost exports from its southern

ports.

- Wednesday also saw the release of the latest BBG OPEC survey, which pointed to

OPEC production rinsing by 25K bpd in April.

- Finally, Oman's oil minister noted that the goal of June's OPEC+ gathering is

to extend the production pact.