Brent rose 40 cents, or 0.6%, to $62.78 a barrel , WTI were up 37 cents, or 0.6%, to $57.77 a barrel.

Brent crude oil spot prices averaged $59 per barrel (b) in August, down $5/b from July and $13/b lower than the average from August of last year. EIA forecasts Brent spot prices will average $60/b in the fourth quarter of 2019 and $62/b in 2020. EIA forecasts that West Texas Intermediate (WTI) prices will average $5.50/b less than Brent prices in 2020.

OPEC oil output averaged 29.71 million b/d in August, up 230,000 from July as production increases in Saudi Arabia, the UAE, Nigeria and Iraq offset declines in Venezuela and Libya,

Iraqi crude production rose to 4.65 million b/d in August, from 4.62 million b/d in July, the country's State Oil Marketing Organization said Monday, meaning the country pumped 140,000 b/d more than its OPEC quota of 4.51 million b/d.

Brazil has announced the rules for an auction of oil drilling rights worth $26bn, setting the stage for Latin America’s top crude producer to become an even bigger player in the global market.

Brent was up 67 cents or 1.07% at $63.26 a barrel, WTI were up 63 cents, or 1.09%, at $58.48 a barrel.

The chief executive of the Abu Dhabi National Oil Company (ADNOC) said that the long-term outlook for global energy demand was “robust” and that investment of $11 trillion in oil and gas was needed to keep up with projected demand.

U.S. Rig Count is down 6 rigs from last week to 898, with oil rigs down 4 to 738, gas rigs down 2 to 160, and miscellaneous rigs unchanged at 0. Canada Rig Count is down 3 rigs from last week to 147, with oil rigs down 3 to 102 and gas rigs unchanged at 45.

Brent was up 6 cents at $61.01 a barrel, WTI was up 5 cents at $56.35 a barrel.

Bankruptcy filings by U.S. energy producers through mid-August this year have nearly matched the total for the whole of 2018. A stock index of oil and gas producers hit an all-time low in August, a sign investors are expecting more trouble ahead.