WTI trades $0.30 or so lower at writing. -......>

OIL: WTI trades $0.30 or so lower at writing.

- OPEC convenes for the final day of its Vienna summit with prospects of a

production cut that will appease fears of a supply glut seemingly diminished.

- Numbers touted by various oil ministers on Thursday did little to support

prices, with the likes of Venezuela, Libya & Nigeria seemingly pushing for

exemptions from the deal. Also worth remembering that Russia's degree of

participation is in question. Ultimately, the Saudi Arabian energy minister

Al-Falih noted that he is not confident of a deal being made today, although he

remains hopeful.

- The latest round of DoE data revealed a much larger than expected headline

crude inventory drawdown of ~7.3mn bbls on Thursday, well out of line with the

notable build in this week's API inventory release. Stocks at Cushing rose,

while distillate and gasoline stocks also built, as the U.S. became a net crude

exporter.