CRUDE WRAP: WTI (M6) SETTLES USD 0.15 HIGHER AT 101.17/BBL; BRENT (N6) SETTLES USD 0.09 HIGHER AT 105.72/BBL

The crude complex was mildly firmer on Thursday, albeit choppy, and in tight ranges relative to recent intraday moves. There was little market-moving Middle East headlines today, amid the Trump/Xi summit and players awaiting the former to return home, although benchmarks did see some pressure after FT reported that Saudi Arabia floats Middle Eastern non-aggression pact with Iran. Elsewhere, focus was on US/China, whereby reports initially suggested Trump avoided mentioning Iran entirely, but the US President later said Xi has offered to help on Iran, and that Xi wants to see Hormuz open. Trump added that Xi said he will not give military equipment to Iran. Moreover, reports suggested Washington informed Tel Aviv of the possibility that Trump might order strikes inside Iran, and echoed earlier reports from Axios which reported that Trump's team is now discussing options for military escalation to break the deadlock. Axios added, US officials don't expect Trump to take any dramatic steps during his trip to China but think he could make his next move immediately afterwards, so focus shall be on that once he returns. WTI traded between USD 95.12-98.13/bbl and Brent USD 103.88-107.13/bbl.