Brent dropped $1.46 to $59.05 a barrel, WTI lost $1.27 at $53.43 a barrel.

Russian President Vladimir Putin said Sunday that Russia will work with Saudi Arabia and other Arab nations to counter recent instability in the oil markets caused by attacks on energy sites in the Middle East.

"UAE-Russia relations are historic and based on ties of friendship, cooperation and respect for common interests. These relations are now further developing across all levels, a reflection of the leaderships keenness to enhance continuous cooperation,"

The global economy has started to slow down in 2019, reflecting an impact from USChina trade tensions, as well as the economic cycle in the US.

China's crude oil imports jumped 10.8% year on year to hit 10.08 million b/d in September, crossing over 10 million b/d mark again since April,

U.S. Rig Count is up 1 rig from last week to 856, Canada Rig Count is up 2 rigs from last week to 146

Brent rose as much as 2.3% to $60.46 a barrel and were at $60.13 per barrel, WTI rose as much as 2.1% to $54.69 a barrel and were at $54.47 per barrel, up 92 cents.

"As we convene today, short term energy demand has continued to soften in response to current downside risks in the global economy. However, over the medium and long-term, the outlook remains positive, solid, and robust. By 2040, three times the amount of energy consumed by all of Europe will be added to global energy demand. In the face of current economic headwinds, we need to control costs, while staying focused on capital efficiency and targeted long-term investment," Dr. Al Jaber noted.

Nigeria's allocation was increased to 1.774 million barrels per day (bpd) from 1.685 million bpd at the last OPEC meeting in July,

Brent was down 9 cents at $58.15 a barrel, West Texas Intermediate was at $52.55, down 8 cents.