Brent were down $1.20, or 2.9%, at $40 a barrel, WTI was down $1.49, or 3.7%, at $38.08.

Brent was up 52 cents, or 1.3%, at $40.98 a barrel, WTI gained 38 cents, or 1%, to $38.94.

Crude oil is considered a key product to complete China's annual energy purchase commitments due to the commodity's typically higher value and volume compared with other energy products.

Libya's crude and condensate output has more than quintupled over the past month, averaging just close to 600,000 b/d on Oct. 26 as more oil fields in the southwest and southeast have restarted operations, sources added.

Brent was down $1.08, or 2.6%, at $40.69 a barrel, WTI dropped $1.05, or 2.6%, to $38.80.

The sector is in full-on merger mode in response to oil prices that have been stuck at around $40 a barrel in recent months after the Covid-19 pandemic hit global demand.

Saudi Energy Minister Prince Abdulaziz bin Salman, who has warned his counterparts of the market's shaky footing and the need to be proactive on production policy, could very well welcome any lobbying by the Trump administration, if global oil demand prospects do not improve.

U.S. Rig Count is up 5 from last week to 287, Canada Rig Count is up 3 from last week to 83,

Brent rose 20 cents, or 0.5%, to $42.66 a barrel, WTI added 15 cents, or 0.4%, to $40.79.

Brent were up 43 cents at $42.16 a barrel, WTI ticked up 44 cents to $40.47 a barrel.