WTI & Brent trade a few cents lower at..........>

OIL: WTI & Brent trade a few cents lower at writing, after WTI lost ~$0.40 on

Wednesday, while Brent finished virtually unchanged.

- Wednesday saw the release of the latest DoE crude inventory data, which

revealed a larger than expected build in headline crude stocks, with the report

largely confirming what we saw in the API inventory estimate. Crude production

crept higher again, after last week's fall.

- Wednesday also saw Saudi Energy Minister Al-Falih note that the Kingdom's

crude production will show little variance in May. Elsewhere, Nigerian Energy

Minister Kachikwu said that he backs a 6-month extension of the OPEC+, though he

did note that it is likely that the level of production cuts will be scaled back

if the oil market tightens.

- Finally, Iranian Foreign Minister Zarif told RTRS that he believes that U.S.

President Trump does not want war, but could be lured into conflict. Zarif also

noted that Iran does not plan to close the Strait of Hormuz