WTI & Brent edged higher in the wake of.........>

OIL: WTI & Brent edged higher in the wake of stronger than exp. Chinese GDP,

adding $0.40 & $0.20 respectively. This comes after crude finished higher

Tuesday, extending gains in post-settlement trade, as reports pointed to a

surprise headline drawdown in crude stocks in the latest API inventory

estimates. The reports also pointed to a larger than exp. drawdown in gasoline

stocks, a surprise build in distillate stocks & a drawdown at Cushing.

- It wasn't all plain sailing though. Reports suggesting that Russia's Gazprom

Neft is looking for the OPEC+ production deal to come to an end in H219 applied

pressure in early NY trade. Crude then regained composure, with RTRS sources

suggesting that Iranian crude exports have totalled < 1mn bpd so far in April,

lower than the levels seen in March. Conversely, Libyan oil exports have edged

higher in early Apr, while BBG reported that Venezuelan refineries are running

at the highest production rates in 9 months (at a paltry ~400K bpd).

- Elsewhere, reports suggested that Turkey expects the U.S. to extend the

country's sanctions waiver re: purchasing Iranian crude. Asia-Pac hours saw

reports of Exxon's Baytown refinery experiencing an operational upset.