Oil prices crept up on Thursday amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by record U.S. crude output and rising commercial fuel inventories.

Oil prices fell on Wednesday as bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed OPEC-led production cuts.

LUKOIL - In 2018, profit attributable to shareholders amounted to RUB 619.2 bln, 47.8% higher year-on-year. The growth was constrained by higher DD&A due to the launch of new production facilities.

Oil prices rose on Monday, buoyed by output cuts by producer club OPEC and reports that the United States and China are close to a deal to end a bitter tariff row that has slowed global economic growth.

BHGE - U.S. Rig Count is up 57 rigs from last year's count of 981, with oil rigs up 43 and gas rigs up 14. Canada Rig Count is down 91 rigs from last year's count of 302, with oil rigs down 71 and gas rigs down 20.

Oil prices climbed on Friday as markets tightened amid output cuts by producer club OPEC, but surging U.S. supply and concerns of global economic slowdown kept a lid on further gains.

The next 10-15 years will be a period of stable development for the oil industry and prices will remain relatively high at $60-$70/b, the CEO of Lukoil, Russia's second-largest crude producer, said Wednesday.

Brent crude oil spot prices averaged $59 per barrel (b) in January, up $2/b from December 2018 but $10/b lower than the average in January of last year.

MEOG - Saudi Aramco CEO Amin Nasser gave a speech at London Petroleum Week about the oil and gas industry's future--or, rather its perceived lack of a future. He addressed what he called a "worrying and growing belief among policy makers and regulators, investment houses, NGOs, and many others that we are an industry with little or no future."

Oil prices rose on Wednesday after a report of declining U.S. crude inventories and as producer club OPEC seemed to stick to its supply cuts despite pressure from U.S. President Donald Trump.