Brazil has announced the rules for an auction of oil drilling rights worth $26bn, setting the stage for Latin America’s top crude producer to become an even bigger player in the global market.

Brent was up 67 cents or 1.07% at $63.26 a barrel, WTI were up 63 cents, or 1.09%, at $58.48 a barrel.

The chief executive of the Abu Dhabi National Oil Company (ADNOC) said that the long-term outlook for global energy demand was “robust” and that investment of $11 trillion in oil and gas was needed to keep up with projected demand.

U.S. Rig Count is down 6 rigs from last week to 898, with oil rigs down 4 to 738, gas rigs down 2 to 160, and miscellaneous rigs unchanged at 0. Canada Rig Count is down 3 rigs from last week to 147, with oil rigs down 3 to 102 and gas rigs unchanged at 45.

Brent was up 6 cents at $61.01 a barrel, WTI was up 5 cents at $56.35 a barrel.

Bankruptcy filings by U.S. energy producers through mid-August this year have nearly matched the total for the whole of 2018. A stock index of oil and gas producers hit an all-time low in August, a sign investors are expecting more trouble ahead.

Brent was up 17 cents at $60.87 a barrel, U.S. West Texas Intermediate (WTI) crude rose 1 cent to $56.27.

Brent was up $1.55, or 2.66%, at $59.81 a barrel, West Texas Intermediate futures CLc1 gained $1.56, or 2.66%, to $55.50 a barrel.

Russia's exports of medium sweet ESPO Blend crude oil are expected to total 3.12 million mt in October, up 30% from September, according to the latest monthly loading program.

"Western sanctions have helped deepen Russia-China energy links as Chinese entities have emerged as a source of capital, which in turn has facilitated Chinese financing of the Yamal LNG project as well as the conclusion of the Power of Siberia pipeline," Dr Michal Meidan, director of the China Energy Program at the Oxford Institute for Energy Studies, said.