Iraq, OPEC's second-largest oil producer saw exports edge up to 3.063 million b/d in September from 3.023 million b/d in August, which was the lowest export rate since March 2015, data showed.

UAE, the OPEC producer pumped 2.693 million b/d in August, 103,000 b/d above its quota of 2.590 million b/d under the OPEC + supply accord, and a rise of 293,000 b/d from what the country reported in July, when its cap was 2.446 million b/d.

Brent was up $1.20, or 3.1%, to $40.47 a barrel, WTI was $1.26, or 3.4%, higher at $38.31 a barrel.

The S&P/ASX 200 index .AXJO closed 2.6% higher at 5,941.6 points, starting the week on a firm note after a 2.9% drop last week.

U.S. Rig Count is up 5 from last week to 266, Canada Rig Count is up 4 from last week to 75

Brent was down $1.12, or 2.7%, at $39.81 a barrel, WTI was down $1.12, or 2.9%, at $37.60.

The United States grew to become the world’s largest oil producer at nearly 13 million barrels per day (bpd), led by shale companies.

Brent fell 17, or 0.4%, to $42.13 a barrel, WTI were down 22 cents, or 0.6%, at $40.

OPEC and 10 allies, including Russia, are in the midst of a historic production cut accord aimed at helping the oil market recover from the COVID-19 pandemic. The curbs initially started at 9.7 million b/d for May-July, before tapering to 7.7 million b/d from August through the end of the year.

U.S. commercial crude oil inventories decreased by 2.0 million barrels to 492.4 million barrels

Brent dropped 40 cents, or 1%, to $40.63 per barrel, WTI fell 32 cents, or 0.8%, to $38.97.

Brent fell 32 cents, or 0.8%, to $42.55 a barrel, WTI dropped 34 cents, or 0.8%, to $40.26 a barrel

Brent fell 37 cents, or 0.9%, to $41.55 a barrel, WTI was at $39.86 a barrel

The production figures for oil in August include this cut of 134 000 barrels per day in the second half of 2020.

U.S. Rig Count is up 6 from last week to 261, Canada Rig Count is up 7 from last week to 71