CRUDE WRAP: WTI (Z6) SETTLES USD 0.72 LOWER AT 97.82/BBL; BRENT (X6) SETTLES USD 0.76 LOWER AT USD 108.78/BBL

The crude complex was lower, albeit in choppy trade, as constructive Middle East headlines dominated price action. WTI and Brent hit highs of USD 101.37/bbl and USD 111.99/bbl, respectively, in US pre-market trade, before pulling back on an Al Araby Al Jadeed report, which said Qatar and Pakistan presented a proposal to Iranian officials today that has US approval and had previously received Iranian approval. As the report got wider airing on other outlets, the oil downside notably extended, with WTI hitting a trough of USD 95.25/bbl and Brent a low of USD 105.95/bbl. However, reports, citing an official close to the talks, noted that talks between Iran and the US continue and that reports the deal is close are wrong, which allowed crude to pare some of the move. Later, the Iranian President said that for any negotiation, the pressures, threats and sanctions must first be lifted. After-hours attention turns to the weekly private inventory metrics.