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

OIL: WTI & Brent trade around $0.40 below their respective settlement levels,

after reports alluded to a larger than expected headline build in crude stocks

in the latest API crude inventory estimate. The reports also pointed to a

surprise build in gasoline stocks, a near enough as expected drawdown in

distillate stocks, and drawdown at the Cushing hub.

- The benchmarks settled higher on Tuesday, with a focus on the fallout from

U.S. President Trump's decision to remove the waivers re: the purchasing of

Iranian crude. The latest RTRS sources piece noted that Gulf producers can meet

the supply gap left by the move, but only if there is enough demand to meet the

supply. The sources also noted that Saudi crude production will tick higher in

May, although they expect Saudi exports to remain relatively stable during the

month. Previous reports from Energy Intelligence noted that Saudi production was

already set to rise in May, owing to "gas needs."

- Also on Tuesday, Iranian oil minster Zanganeh noted that the U.S. will not be

able to push Iranian crude export levels to zero.