U.S. Rig Count is up 10 rigs from last week to 431, with oil rigs up 11 to 341, gas rigs down 1 to 89, and miscellaneous rigs unchanged at 1. Canadian Rig Count is unchanged from last week at 76, with oil rigs down 1 to 35, gas rigs up 1 to 40, and miscellaneous rigs unchanged at 1.

China and Saudi Arabia discussed growth prospects and areas of cooperation and found mutual interests in crude oil storage, logistics, infrastructure, industrial development, mining, technology, energy, renewables and sovereign wealth funds, according to the ministry statement.

Brent crude futures LCOc1 were trading at $50.31 per barrel at 0441 GMT, almost unchanged from their last settlement. U.S. crude CLc1 were down 5 cents at $48.94.

"Memorandum of understandings (MoUs) worth over $80 billion to be spent on investments in oil and gas infrastructure, pipelines, refineries, power, facility refurbishments and upstream have been signed with Chinese companies,"

"On the issue of territory and disputes over maritime delineation, China does not accept any dispute resolution from a third party and does not accept any dispute resolution forced on China."

The Chinese, through a statement by the Foreign Ministry last Sunday, said the two countries “have overlapping claims for maritime rights and interest.”

“We view Saudi as a core growth market with huge potential for global investment banks,” said Tamim Jabr, Deutsche Bank’s head of corporate and investment-banking coverage in Saudi Arabia.

Directors urged the authorities to accelerate structural reforms to boost growth and employment creation and facilitate income convergence with the EU. They highlighted the need to advance privatization and enhance the efficiency of the public sector, while removing bureaucratic impediments to doing business. Other priorities include further enhancing labor market flexibility to increase labor participation. Directors noted the importance of building political consensus to ensure broad support for the reforms.

Brent crude LCOc1 was down 48 cents a barrel at $50.13 as of 0856 GMT, having risen in the two previous sessions. U.S. crude CLc1 was down 48 cents to $49.40.

Brent crude futures were trading at $48.84 per barrel at 0422 GMT, up 26 cents from their last settlement. U.S. crude was up 35 cents at $48.20 a barrel.