U.S. Rig Count is unchanged from last week at 790, Canada Rig Count is up 10 rig from last week at 257

Brent rose 24 cents, or 0.4%, to $55.17 a barrel, WTI were up 15 cents, or 0.3%, at $51.10 a barrel,

Rosneft Oil Company and Indian Oil Corporation Limited (IOCL) signed a contract to supply up to 2 million tonnes of oil to India via the port of Novorossiysk by the end of 2020.

Brent were up 31 cents, or 0.6%, to $54.27 a barrel, WTI were up 21 cents or 0.4% to $49.82 a barrel

"Any overreaction...is not in the interest of the general public, let alone the oil market. We have the consensus that we would not like to see this."

Russian President Vladimir Putin and Saudi King Salman bin Abdulaziz "thoroughly discussed" the current oil market conditions as prices have fallen by more than 20% in the past three weeks amid global oil demand concerns, a Kremlin statement said late Monday.

In 2018, while production was increasing, the total number of wells producing crude oil and natural gas in the United States fell to 982,000, down from a peak of 1,035,000 wells in 2014.

The question is whether the terms are attractive enough when nations are competing increasingly aggressively for investment from international oil companies (IOCs) and the potential demand destruction from the energy transition looms over the coming decades. The attractiveness of South Africa’s terms will have ramifications far beyond its borders.

In the fourth quarter of 2019 LUKOIL Group's average hydrocarbon production excluding the West Qurna-2 project was 2,388 thousand boe per day

Brent crude was at $56.44 a barrel, down 18 cents, or 0.3%, WTI crude rose 10 cents to $51.66 a barrel,