U.S. Rig Count is down 9 rigs from last week to 406, with oil rigs down 10 to 318, gas rigs up 1 to 87, and miscellaneous rigs unchanged at 1. Canadian Rig Count is up 7 rigs from last week to 43, with oil rigs up 5 to 16, gas rigs up 2 to 26, and miscellaneous rigs unchanged at 1.

Reform of sprawling state-owned enterprises (SOEs) to improve efficiency is a priority for China's leaders as growth slows in the world's second biggest economy, and was a key plank of the country's latest five-year plan agreed in 2015.

Brent crude oil prices are forecast to average $41/b in 2016 and $51/b in 2017.

Nigeria's oil output fell close to a 22-year low this month due to attacks on oil pipelines in the southern Niger Delta, home to much of the country's oil and gas wealth, compounding the impact of low oil prices on Africa's largest economy.

Tesco Corporation Reports First Quarter 2016 Results: - Revenues declined to $35.5 million as a result of challenging market conditions - Cash increased $2.4 million during the quarter, ending at $53.9 million with no debt - Adjusted EBITDA was $(7.8) million, or (22)% of revenue - Reported diluted EPS was a loss of $1.45 and adjusted EPS was a loss of $0.46, after $0.99 in charges - Restructuring programs since Q4 2014 expected to yield $60 million of annualized savings

Internal differences are killing OPEC and its ability to influence the markets has all but evaporated, top Russian oil executive Igor Sechin told Reuters in some of his harshest remarks ever about the oil cartel.

After jumping more than 2% as the markets opened with Asian trading Sunday night, both major contracts fell as reports emerged that the threat from the fires was diminishing, at least for the moment.

The June crude oil contract on the New York Mercantile Exchange climbed 34¢ to settle at $44.66/bbl, and the July contract gained 41¢ to $45.32/bbl. The NYMEX natural gas contract for June gained 2.5¢ to $2.10/MMbtu. The Henry Hub price was $1.84/MMbtu, down 20¢.

Saudi Arabia, the world’s biggest oil exporter, plans “significant growth” in output in 2016 and further international expansion, the head of the country’s state-run producer said, even as global oversupply contributed to a drop in crude prices from a year ago.

Libya's production was down to 212,000 barrels on Monday, after the largest National Oil Corp (NOC) subsidiary, AGOCO, was forced to slash output by one-third from southeastern fields, an NOC spokesman in Tripoli said.