"The surprise cut that they have done recently is a really brilliant move that led to stabilization of the market joined by other OPEC members at the most critical time," Dmitriev, who has been leading Russia's diplomacy in Saudi Arabia alongside Deputy Prime Minister Alexander Novak, said at the Saudi Future Investment Initiative conference.

U.S. commercial crude oil inventories decreased by 9.9 million barrels to 476.7 million barrels.

CNOOC has taken delivery of a 100,000-ton deepwater semisubmersible production and storage platform, built to ABS Class.

Brent climbed 51 cents, or 0.9%, to $56.42 a barrel. WTI rose 41 cents, or 0.8%, to $53.02.

Brent was down 28 cents, or 0.5%, at $55.60. WTI fell 26 cents, or 0.5%, to $52.51.

Brent rose 34 cents, or 0.6%, to $55.75 a barrel. WTI was up 37 cents, or 0.7%, at $52.64.

U.S. commercial crude oil inventories increased by 4.4 million barrels to 486.6 million barrels.

Libyan crude and condensate output surged to around 1.25 million b/d earlier this month, its highest level in more than six years

Angola's oil production declined by 15% to 1.3 mb/d in 2020

Preliminary production figures for December 2020 show an average daily production of 2 135 000 barrels of oil, NGL and condensate.

U.S. Rig Count is up 5 from last week to 378, Canada Rig Count is up 11 from last week to 172.

Brent fell 58 cents, or 1.03%, to $55.52 a barrel. WTI dropped 65 cents, or 1.2%, to $52.48 a barrel.

The price of Brent crude oil to increase from its December 2020 average of $50 per barrel (b) to an average of $56/b in the first quarter of 2021. The Brent price is then expected to average between $51/b and $54/b on a quarterly basis through 2022.

The annual natural gas spot price at the Henry Hub will rise 98¢ per million British thermal units (MMBtu) to average $3.01/MMBtu in 2021.

Baker Hughes Company (NYSE: BKR) ("Baker Hughes" or the "Company") announced results for the fourth quarter and total year 2020.