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.

Brent was up 48 cents, or 0.9%, at $56.83 a barrel. WTI gained 52 cents, or 1%, to $54.07.

Brent were up 53 cents, or 1%, at $55.57 a barrel. WTI gained 41 cents, or 0.8%, to $52.61.

U.S. Rig Count is up 6 from last week to 384, Canada Rig Count is up 2 from last week to 174.

Brent rose 23 cents, or 0.4%, to $55.76 a barrel. WTI rose 7 cents, or 0.1%, to $52.41.

Brent fell 46 cents, or 0.8%, to $55.35 a barrel. WTI fell 36 cents, or 0.7%, to $52.49 a barrel.

"The surprise cut that they have done recently is a really brilliant move that led to stabilization of the market joined by other OPEC members at the most critical time," Dmitriev, who has been leading Russia's diplomacy in Saudi Arabia alongside Deputy Prime Minister Alexander Novak, said at the Saudi Future Investment Initiative conference.