Brent were 68 cents higher at $58.97 a barrel, WTI were up by 70 cents to $52.84 a barrel

Saudi Arabia over-complied with its quota of 10.31 million b/d last year under the old agreement with the 23-member OPEC/non-OPEC coalition, collectively known as OPEC+, as the country made up for laggards Iraq and Nigeria, which flouted their quotas for most of last year.

Iraq's federal exports averaged 3.3 million b/d, compared with 3.43 million b/d in December, the oil ministry said in a statement on Saturday. The January figure is 420,000 b/d lower than the all-time high of 3.726 million b/d reached in December 2018.

U.S. Rig Count is down 4 rigs from last week to 790, Canada Rig Count is up 3 rig from last week at 247

Brent were 68 cents higher at $58.97 a barrel, WTI were up by 70 cents to $52.84 a barrel

In the AEO2020 Reference case, U.S. crude oil production reaches 14.0 million barrels per day (b/d) by 2022 and remains near this level through 2045 as tight oil development moves into less productive areas and well productivity declines.

CAPP forecasts overall spending for 2020 to rise to C$37 billion from C$35.1 billion. Conventional oil and gas spending is expected to reach C$25.4 billion, up C$1 billion, while spending in the oil sands may climb to C$11.6 billion from C$10.7 billion, CAPP said.

Brent rose 66 cents, or 1.1%, to $60.17 a barrel. U.S. WTI was up 62 cents, or 1.2%, at $54.10 a barrel.

In December 2019, oil production was 3.106 million b/d, exceeding the record recorded in the previous month by 0.52% and that of Dec. 2018 production by 15.44%. Natural gas production also surpassed the previous month's record, registering an increase of 0.87% and reaching an average of 137.8 million cu m/day. The number was up 21.19% year-over-year.

Brent fell by $1.79 a barrel, or 2.95%, to $58.90, WTI was down by $1.63, or 3%, at $52.55.