Brent crude LCOc1 was up 7.7% since last Friday’s close, the biggest weekly rise since January. The front-month November contract was at $64.88 a barrel, up 48 cents, by 1113 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 59 cents to $58.72 a barrel, set to post a gain of over 7% for the week.

Brent crude oil daily average prices were 9% lower in second-quarter 2019 than in second-quarter 2018 and averaged $68 per barrel

Brent gained $1.44 to $65.04 a barrel, WTI was up 89 cents at $59 a barrel.

Iranian Minister of Petroleum Bijan Zangeneh stressed the non-political nature of oil, saying the US was using oil as a weapon which was not the right approach.

The share of U.S. total energy consumption that originated from fossil fuels has fallen from its peak of 94% in 1966 to 80% in 2018. The total amount of fossil fuels consumed in the United States has also fallen from its peak of 86 quads in 2007. Since then, coal consumption decreased by 10 quads and petroleum by 2 quads, more than offsetting a 7 quad increase in natural gas consumption.

Brent were down 75 cents, or 1.16%, at $63.80 a barrel, WTI were down $1.15, or 1.94%, at $58.19.

Brent was down 36 cents, or 0.5%, at $68.66 a barrel, and WTI was down 57 cents, or 0.9%, at $62.33 a barrel. Earlier, the crude benchmarks both fell by around 2%.

"Nobody has changed the parameters of the [OPEC+} deal. So, I think that we all agreed in Abu Dhabi, that everyone should fulfill their obligations," Novak said, when asked if Russia needs to continue to comply.

Conformity with the voluntary production adjustments remains high, 136% in the month of August. However, the JMMC reemphasized the core principles underpinning the DoC, namely, equity, fairness and transparency, and urged all participating countries to intensify their efforts in pursuit of full and timely conformity with their voluntary production adjustments.

World oil demand in 2019 is expected to grow by 1.02 mb/d, which is 0.08 mb/d lower than last month’s projection. The drop can be attributed to weaker-than-expected data in 1H19 from various global demand centres and slower economic growth projections for the remainder of the year. Both OECD and non-OECD demand growth forecasts were revised lower, by 0.03 mb/d and 0.05 mb/d, respectively. In 2020, world oil demand is projected to increase by 1.08 mb/d.