Saudi Arabia’s crude oil production approached a four-year low, averaging an estimated 9.9 million barrels per day (b/d). Production declined more than 1 million b/d since its estimated all-time high production levels in October and November 2018

Preliminary production figures for May 2019 show an average daily production of 1 599 000 barrels of oil, NGL and condensate, which is a decrease of 120 000 barrels per day compared to April.

Brent crude futures were up 20 cents, or 0.3%, at $62.34 a barrel by 0644 GMT. U.S. West Texas Intermediate crude gained 20 cents, or 0.4%, to $54.10 a barrel.

Brent crude futures were trading 18 cents down at $60.76 a barrel by 1203 GMT. U.S. West Texas Intermediate crude futures lost 3 cents to $51.90.

Iran and Russia have signed a Memorandum of Understanding on oil and gas cooperation which will bolster the two countries’ energy relations.

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 70,000 b/d month-over-month in June from 8,450 to 8,520 thousand barrels/day, gas production to increase 798 million cubic feet/day from 80,564 to 81,362 million cubic feet/day .

Brent futures fell 25 cents, or 0.4%, to $61.76 a barrel by 0750 GMT, having gained 1.1% on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 22 cents, or 0.4%, at $52.29, having firmed by 0.4% in the previous session.

The OECD sees global GDP growth rebounding to 3.4% in 2020, assuming that trade disputes are resolved and confidence rebuilds. This suggests that global oil demand growth will have scope to recover from 1.2 mb/d in 2019 to 1.4 mb/d in 2020.

BHGE - U.S. Rig Count is down 6 rigs from last week to 969, with oil rigs down 1 to 788, gas rigs down 5 to 181, and miscellaneous rigs unchanged at 0. Canada Rig Count is up 4 rigs from last week to 107, with oil rigs up 10 to 69 and gas rigs down 6 to 38.

Brent crude futures were up 23 cents, or 0.4%, at $61.54 a barrel by 0638 GMT, having settled up 2.2% on Thursday. U.S. West Texas Intermediate crude futures were down 1 cent at $52.27 a barrel, after earlier rising. WTI also closed up 2.2% in the previous session, but is on course for a weekly decline of 3.2%.