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Oil is trading slightly higher with intraday swings (Brent: $50.3)

Thursday's UK referendum continues to take centre stage in the oil as well as financial markets - the "leaves" and "stays" are currently very equal with no clear direction for now so there is really no telling which side will "win". We have mentioned a couple of times our view of the consequences to oil prices should the result be a Brexit: an immediate flight into safe havens and away from oil which would likely give a short-term oil price drop. In case the UK voters decide to stay in the European Union, we will likely see no major influence on oil prices.

Turning to other oil related items; April oil exports from Saudi Arabia, the world's largest crude exporter, fell to 7.444 mio. barrels per day (7.541 mio. barrels per day in March). This despite an increase in production to 10.262 mio. bpd in April (10.224 mio. bpd in March). Saudi Arabia has been fighting for market share in an oversupplied market for months.

Tonight, the weekly oil stocks data from the American Petroleum Institute will be published. Last week saw a surprise 1.2 mio. barrel-build in crude oil stocks - this week, consensus is a draw of close to 2 mio. barrels. Deviation could spur additional volatility ahead of tomorrow's EIA oil inventory report.

Turning to economic data, today sees German and Euro zone ZEW data; and European Central Bank's Mario Draghi speaks at 3 pm - U.S. central bank's Janet Yellen testifies at 4 pm, all market eyes will be on comments regarding easing measures/interest rate hike timing respectively.