The Worldwide Rig Count for January was 1,183, up 79 from the 1,104 counted in December 2020, and down 890 from the 2,073 counted in January 2020.

U.S. Rig Count is up 8 from last week to 392, Canada Rig Count is down 3 from last week to 171,

Brent climbed 28 cents, or 0.5%, to $59.12 a barrel. WTI were up 29 cents, or 0.5%, to $56.52 a barrel.

Petroleum remains the most-consumed fuel in the United States, as energy-related carbon dioxide emissions dip through 2035 before climbing in later years.

"India's peak oil demand will be much later than what many analysts predict. So we will be seeing handsome demand numbers going into 2030s and 2040s, if not 2050s,"

Brent gained 25 cents, or 0.43%, to $58.71 a barrel. WTI climbed 31 cents, or 0.56%, to $56 a barrel.

The global economy is forecast to grow by 4.4 per cent in 2021, a substantial shift from -4.1 per cent last year. “With the crude oil market currently switching into backwardation, we are hopeful that 2021 will be a good year for overall demand,” Barkindo said.

U.S. commercial crude oil inventories decreased by 9.9 million barrels to 476.7 million barrels.

Brent were up 48 cents, or 0.8%, to $57.94 a barrel. WTI were up 48 cents, or 0.8%, to $57.94 a barrel.

The hydrocarbon beast doesn’t need to be starved, but a diet might be a good idea.