WTI & Brent trade around $0.40 below............>

OIL: WTI & Brent trade around $0.40 below settlement levels, with WTI < $65.00

at writing, after crude registered its worst month in over two years during

October, as trade war worry, Iranian sanction issues and a stronger USD weighed.

- Wednesday saw the release of the latest DoE inventory report, which recorded a

build in headline crude inventories for the 6th consecutive week, although

distillate and gasoline stocks exhibited greater drawdowns than were exp., which

added a layer of support in the immediate aftermath of the release.

- Wednesday also saw reports suggesting that Russian crude and condensate

production had hit an all-time high in October, while the U.S. suggested that

some countries will continue with Iranian crude imports as U.S. sanctions take

effect, with the U.S. not wanting to harm its allies.