World oil demand for 2020 is expected to decline by 9.77 mb/d,

Crude oil production from the major US onshore regions is forecast to decrease 137,000 b/d month-over-month in December from 7,575 to 7,438 thousand barrels/day, gas production to decrease 744 million cubic feet/day from 81,521 to 80,777 million cubic feet/day .

Brent rose 67 cents, or 1.3%, to $50.64 a barrel . WTI were up 62 cents, or 1.3%, at $47.19 a barrel.

Consumption of refined fuels, a proxy for oil demand, in November rose 0.4% from the previous month to 17.83 million tonnes

U.S. Rig Count is up 15 from last week to 338 , Canada Rig Count is up 9 from last week to 111

Brent was up 11 cents or 0.2% at $50.36 a barrel. WTI was up 11 cents or 0.2% at $50.36 a barrel.

"Without sufficient investment, a reduced supply of oil and gas could lead to greater market volatility and higher prices, slowing the global economic recovery and jeopardizing energy security and international goals," said the IEF,

At the Open of todays European Session, the BRENT was trading at 49.00 price average shrugging off the build and shifting more focus towards the demand and recovery.

Brent climbed 12 cents, or 0.3%, to $48.98 a barrel. WTIrose 14 cents, or 0.3%, to $45.66 a barrel .

U.S. commercial crude oil inventories increased by 15.2 million barrels to 503.2 million barrels