U.S. Rig Count is up 1 rig from last week to 791, Canada Rig Count is down 11 rigs from last week to 244

Brent was down 64 cents, or 1.1%, at $58.67 a barrel, WTI dropped 54 cents, or 1%, at $53.34 a barrel.

Despite the partial recovery, oil prices are still far below the level many OPEC members need for their budgets to balance.

Norway's Preliminary production figures for January 2020 show an average daily production of 1 963 000 barrels of oil, NGL and condensate

Brent was up by 51 cents, or 0.9%, at $58.26 a barrel, WTI was up 55 cents, or 1.1%, at $52.60 a barrel.

Oil demand growth in 2020 is revised down by 0.23 mb/d from the previous month’s assessment. With this, global oil demand is now forecast to grow by 0.99 mb/d and average 100.73 mb/d for 2020,

EIA now expects global petroleum and liquid fuels demand will rise by 1.0 million b/d in 2020, which is lower than the forecast increase in the January STEO of 1.3 million b/d in 2020, and by 1.5 million b/d in 2021.

We have cut our 2020 oil demand growth forecast by 365 kb/d to 825 kb/d, the lowest since 2011.

Crude oil production from the major US onshore regions is forecast to increase 18,000 b/d month-over-month in February from 9,157 to 9,175 thousand barrels/day, gas production to decrease 172 million cubic feet/day from 85,619 to 85,447 million cubic feet/day .

Brent was at $57.27 a barrel, WTI rose 3 cents to $52.08 a barrel,