Brent rose 10 cents, or 0.2%, to $42.29 a barrel, WTI was at $39.87 a barrel, up 4 cents, or 0.1%.

The slide in crude prices and recovery in economic activity late March had encouraged Chinese buyers to pile their shopping carts with all kinds of cheap crude,

U.S. Rig Count is down 13 rigs from last week to 266, Canada Rig Count is down 4 rigs from last week to 17

Brent rose 61 cents, or 1.5%, to $42.12 a barrel, WTI climbed 60 cents, or 1.5%, to $39.44 a barrel.

Brent were up 2 cents at $40.73 a barrel, WTI dropped 14 cents to $37.82 a barrel.

World oil demand is projected to decrease by 9.1 mb/d in 2020, unchanged from the previous month’s assessment. The COVID-19 pandemic has negatively affected global economic activities, eliminating global oil demand growth potential and leading to a y-o-y decline of 6.4 mb/d in 1Q20 and by 17.3 mb/d y-o-y in 2Q20.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.2 million barrels from the previous week. At 539.3 million barrels, U.S. crude oil inventories are about 15% above the five year average for this time of year.

Brent was up 29 cents, or 0.7%, at $41.25 a barrel, WTI rose 17 cents, or 0.4%, to $38.55 a barrel.

Saudi Arabia exported nearly 11 million barrels of oil per day, a record, and the US about 8.6 million barrels.

Oil demand in 2020 is expected to fall by 8.1 mb/d, the largest in history, before recovering by 5.7 mb/d in 2021.