WTI & Brent sit ~$0.50 and $0.30 below their....>

OIL: WTI & Brent sit ~$0.50 and $0.30 below their respective settlement levels,

unwinding some of yesterday's relatively modest gains. Thursday saw crude

reverse its early session losses, and more, aided by RTRS sources noting that

"Saudi Arabia and some other OPEC oil producers are considering extending record

high output cuts until the end of 2020 but have yet to win support from Russia."

A separate RTRs source report pointed to some of the Russian difficulties with

the pact, noting that "Rosneft does not have enough crude to ship to buyers with

which it has long-term supply deals, making it hard for the Russian company to

continue with record oil cuts beyond June" Elsewhere, Argus noted that "the

UAE's state-owned Adnoc will relax cuts to term crude nominations for two of its

main grades in July, in line with the country's higher Opec+ output cap that

month."

- Finally the weekly DoE inventory data confirmed the API estimate of larger

than exp. build for both headline crude stocks & distillates as well as a decent

enough drawdown in Cushing stocks, although the DoE release saw a surprise,

modest draw in gasoline stocks & larger than exp. uptick in refinery runs.