US Private Energy Inventories (bbls): Crude -4.5mln (exp -1.8mln), Distillate -4.6mln (exp. -2.5mln), Gasoline -5.2mln (exp. -1.3mln), Cushing +0.7mln

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Korea (Republic of) PPI MoM (Mar) M/M 1.6% (Prev. 0.6%)

T-Mobile (TMUS) and Deutsche Telekom (DTE GY) weigh a combination, according to WSJ

US Private Energy Inventories (bbls): Crude -4.5mln (exp -1.8mln), Distillate -4.6mln (exp. -2.5mln), Gasoline -5.2mln (exp. -1.3mln), Cushing +0.7mln

Iran's Parliament Speaker Ghalibaf's Advisor says Trump's decision to extend the ceasefire makes no sense. The ceasefire extension is an attempt to buy time for a surprise attack. Iran currently holds the initiative.

Newsquawk US Market Wrap: Markets volatile to prospect of US/Iran talks while Trump extends ceasefire

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Context

The latest US private energy inventory data shows larger-than-expected declines in crude, distillate, and gasoline stocks, suggesting stronger demand or supply constraints than previously anticipated. This could indicate upward pressure on oil prices and also has implications for inflation as energy prices are a critical driver. The increase in Cushing inventories, however, could cap price gains short-term as it reflects localized supply conditions.

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