Despite U.S. sanctions against the pipeline, Berlin has stood by Nord Stream 2, which it says is a commercial project.

President Joe Biden believes the pipeline is a "bad deal" for Europe, his spokeswoman Jen Psaki has said, and many U.S. lawmakers are pushing for sanctions.

Oil demand to reach 102.6 million b/d by the fourth quarter of this year, the highest since Q4 2019 when it averaged 103.9 million b/d.

The NSE Nifty 50 index was up 0.77% at 14,820.45 by 0450 GMT, while the S&P BSE Sensex gained 0.63% to 50,061.21.

The ITER agreement was signed in November 2006 by Euratom, the US, Russia, Japan, China, South Korea and India.

Severe cold weather in parts of the USA last week contributed to power outages affecting millions of electricity customers across Texas, Louisiana and Oklahoma.

The power supply collapse in Texas was caused by extreme and aberrant cold weather, freezing the electric generators. The system wasn’t designed to withstand what occurred -- and what may occur elsewhere in a time of new and terrifying instability in the world’s weather systems.

U.S. industrial production increased 0.9 percent in January.

U.S. Rig Count is unchanged from last week at 397, Canada Rig Count is down 4 from last week to 172

Brent dropped 87 cents, or 1.4%, to $63.06 a barrel. WTI fell 82 cents, or 1.4%, to $59.70 a barrel.