Brent crude was 0.5% lower at $29.91 a barrel , WTI crude reversed most of its earlier 4.7% gains to stand at $29.04 a barrel.

Crude oil production from the major US onshore regions is forecast to increase 18,000 b/d month-over-month in March from 9,057 to 9,075 thousand barrels/day, gas production to decrease 188 million cubic feet/day from 85,167 to 84,979 million cubic feet/day .

Brent crude fell $1.13 to $32.72 a barrel , WTI crude was at $31.01, down 72 cents after slipping below $30 earlier in the session

Replenishing the Strategic Petroleum Reserve would enable the government to take as much as 77 million barrels off the world market.

U.S. Rig Count is down 1 rig from last week to 792, Canada Rig Count is down 28 rigs from last week to 175

Brent was up $1.12, or 3.4%, at $34.33 a barrel , WTI rose $1.17 cents, or 3.7%, to $32.66 per barrel

Saudi Arabia and Russia launched a war for market share, flooding global markets with crude. Oil traded in New York was trading at $30.76 a barrel in aftermarket hours on Thursday, down more than 2%.

The falls in the bonds come in the wake of the failure of Opec and Russia late last week to agree a deal on cutting production,

Moscow’s decision to withdraw last week from a pact with Saudi Arabia to limit crude production, sparking an oil war that sent prices crashing 30 per cent on Monday, upending global markets.

Brent was trading down $1.65, or 4.6%, at $34.14 , WTI was down $1.38, or 4.2%, at $31.60