WTI & Brent have added $0.20 & $0.40............>

OIL: WTI & Brent have added $0.20 & $0.40 respectively at writing. This comes

after crude witnessed a sharp sell off on Tuesday, as risk off flows, Saudi

highlighting OPEC's current policy bias of "producing as much as you can" to

meet demand requirements, alongside touted Saudi capacity of 12mn b/d within 3

months created the perfect storm for oil.

- Crude struggled to recover, even as U.S. equities pared the bulk of their

losses in the NY afternoon.

- Reports suggested that the latest API inventory data revealed a much larger

than expected 9.88mn bbl build in headline crude stocks, although the reports

also outlined larger than expected drawdowns in gasoline & distillates,

alongside a smaller than expected build in crude stocks at the Cushing hub.

- Focus now moves to the DoE inventory report later today.