CRUDE WRAP: WTI (Z6) SETTLES USD 0.48 HIGHER AT USD 98.54/BBL; BRENT (Z6) SETTLES USD 0.31 LOWER AT USD 109.55/BBL

The crude complex was mixed, with WTI seeing gains while Brent traded lower. Benchmarks were initially pressured, hitting troughs, as US President Trump eased Russian sanctions, with Russia set to supply over 300k tonnes of diesel in the first instance. Brief downside was seen in response to a WSJ report that Russian President Putin has proposed a meeting with US President Trump and Chinese President Xi next month to discuss ending the Ukraine war. Modest pressure was also seen amid reports that a breakthrough is expected to be announced this week to halt the escalation between Washington and Tehran, though this was swiftly pared as markets digested the line that the two sides are being urged to "make concessions" to prevent a new war. In terms of geopolitical headlines, the Houthis claimed six attacks on Saudi Arabia in 48 hours, with targets including the Yanbu Aramco facility and the Shaybah oilfield. Looking ahead, Pakistani Army Chief Asim Munir arrives in Tehran tomorrow to meet with Iranian officials. On the supply front, Iraqi oil exports have averaged more than 3.4mln BPD in October to date (vs. 3mln BPD in Sep). For the record, WTI traded between USD 96.72-99.71/bbl and Brent between USD 106.82-110.70/bbl.