Putin ordered ministers to work out “special rates” that pipeline operator Transneft PJSC and Russian Railways JSC will charge for transporting crude and petroleum products

U.S. Rig Count is down 21 rigs from last week to 318, Canada Rig Count is down 2 rigs from last week to 21

Brent dropped $1.96, or 5.4%, to $34.10 a barrel, WTI declined by $2.41, or 7.1%, to $31.51.

India's oil demand is reaching 60% to 70% of normal

The return on equity for energy companies and U.S. manufacturing decreased to 6% and 13%, respectively, in 2019

Oilfield services companies have lost approximately 49% of their market capitalization since the beginning of this year.

Argentina's oil-producing provinces applauded the reference price as well as an elimination of the 8% export tax when Brent is less than $45/b.

Brent rose 42 cents, or 1.2%, at $36.17 per barrel, WTI climbed 40 cents, or 1.2%, to $33.89.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.0 million barrels from the previous week. At 526.5 million barrels, U.S. crude oil inventories are about 10% above the five year average for this time of year.

Producers were operating the fewest oil and natural gas drilling rigs on record in the United States at 339 on May 12, the lowest level in the Baker Hughes Company’s rig count data series that dates back to 1987.