WTI & Brent sit ~$0.40 above their respective...>

OIL: WTI & Brent sit ~$0.40 above their respective settlement levels at typing,

after a continued focus on the supply overhang pressured crude futures on

Tuesday, as liquidity returned to normal levels as the Europeans returned from

their Easter break. Focus continues to fall on the deepening contango structure

of the respective benchmark crude curves, even as the Saudi Energy Minister

tried to present an upbeat view across a couple of press interviews.

- Crude hit session lows around settlement time on Tuesday, before edging higher

into the close, so current price levels actually represent a slight downtick

during the overnight session, with the major regional equity indices and U.S.

equity index futures struggling for any notable upside impetus during Asia-Pac

hours.

- The latest round of weekly API inventory estimates had little impact on

prices, even with reports pointing to larger than expected builds in both

headline crude distillate stock metrics and a chunky build at the Cushing hub.

Suggestions were that the gasoline measure saw a shallower build vs. exp.

- DoE inventory data headlines Wednesday.