China on Monday set up a new centrally-administered state-owned enterprise (SOE), the China Oil & Gas Piping Network Corporation.

China imported 45.74 million tonnes of crude, equivalent to 11.13 million barrels per day (bpd),

U.S. Rig Count is down 3 rigs from last week to 799, Canada Rig Count is up 12 rigs from last week to 138,

Brent were down 3 cents at $63.36, WTI fell 9 cents to $58.34 a barrel.

Brent were up 44 cents, or 0.7%, at $61.26, WTI were up by 38 cents, or 0.7%, at $56.48.

They believe relentless US oil production growth will slow rapidly next year.

Dr. Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO, highlighted during his speech at the meeting that the vision of the UAE leadership established a long-term forward-looking vision for the future of energy and oil aiming to enhance the leading and advanced standing of the UAE in the sector. He shed light on the qualitative leap achieved by ADNOC for institutional development and modernization by the adoption of innovation and technology aims to continue to contribute to the achievement of the leadership vision by diversifying sources of income and investment in national talent and business sustainability and shaping the future.

Brent rose $1.20 to $61.69 a barrel, WTI crude added $1.05 to $56.22.

Russia agreed to reduce its output by 228,000 bpd to about 11.18 million bpd in 2019 as part of cuts by the group of producers, known as OPEC+, which agreed to cut their combined output by 1.2 million bpd or 1.2% of global demand.

Brent were down 29 cents at $63.58 a barrel, WTI were flat at $58.11