U.S. EIA Cushing, Oklahoma crude stocks +1.176 mln bbl in week to Aug. 21 vs -1.314 mln bbl prior.

Majority of sell-side and macro forecasters expect the Bank of Korea to raise rates by 25bps, but policy paths diverge widely. Societe Generale, Morgan Stanley, iM Securities, DBS Group, Nomura, Mitsubishi UFJ and a Reuters survey (18 of 35 economists) all flag a 25bp move. DBS expects an additional 25bps in Q4 to 3.25% and to hold through the end of next year. Societe Generale says the governor signaled possible consecutive hikes in August; Morgan Stanley cites a supportive macro backdrop; iM Securities warns the cost of delaying to October is rising. Nomura and Mitsubishi UFJ point to core inflation, strong semiconductor exports and a firm housing market as further upward pressure. Citigroup projects a 25bp hike followed by increases in November and next February to 3.5%, and says tightening could peak nearer 3.75%. By contrast, HSBC, Eugene Investment Securities and Barclays expect rates to be left unchanged at 2.75%; a Korea Financial Investment Association survey shows 79% of bond-market experts expect no change while 20% expect a hike.

U.S. Defense Secretary Hegseth said he will work with the Small Business Administration (SBA) to re-establish a "Small Defense Contractors Committee".