WTI trades sub $20 again, with both benchmark...>

OIL: WTI trades sub $20 again, with both benchmark metrics back from their

Asia-Pac highs. WTI near enough flat on the day now, with Brent +$0.40.

- The IEA's latest oil market report, released Wednesday, had a nice summary of

recent oil market developments, with the chief of the agency daubing the month

"Black April" elsewhere. It read "there is no feasible agreement that could cut

supply by enough to offset such near-term demand losses. However, the past

week's achievements are a solid start and have the potential to start to reverse

the build-up in stocks as we move into the second half of the year."

- Weekly DoE inventory data, released Wednesday, was consistent with was seen in

Tuesday's API reports, notable builds across the board, although distillate

builds were shallower than expected (the headline crude stock build was the

largest of such readings on record)

- Meanwhile the U.S. is still considering levying tariffs on crude imports,

while BBG sources suggested that the Trump admin is considering paying U.S.

producers to leave crude in the ground amid the supply glut.