WTI trades ~$1.00 above settlement levels,......>

OIL: WTI trades ~$1.00 above settlement levels, with Brent $0.75 or so above

settlement at writing.

- The major crude benchmarks have drawn support from reports of a much larger

than expected drawdown in headline U.S. crude inventories in the latest round of

weekly API estimates. The reports also pointed to a larger than expected

drawdown in gasoline stocks, while distillate stocks witnessed a slightly

smaller than expected, and modest, rise in stock levels, and stocks at the

Cushing hub fell.

- The major crude metrics settled little changed, and marginally mixed on

Tuesday. Risk-off flows stemming from soft U.S. data/equities and worries

surrounding the upcoming G20 weighed, while U.S.-Iranian tensions continued to

simmer.

- DoE inventory data provides the highlight for participants on Wednesday.