May ICE Brent crude futures -- the front-month contract hit its lowest since 2003 on Wednesday -- were up 80 cents/b at $25.68/b, with the April NYMEX crude contract up $1.77/b at $22.14/b.

Saudi Aramco will supply 12.3 million b/d of crude to the market during the coming months,

The US State Department named nine entities Wednesday under new sanctions for continuing to trade petrochemicals with Iran.

China’s annual crude oil imports in 2019 increased to an average of 10.1 million barrels per day (b/d), an increase of 0.9 million b/d from the 2018 average

Brent was trading down 43 cents, or 1.5%, at $28.30 a barrel , WTI was down 47 cents, or 1.7%, at $26.48 a barrel

Euro Stoxx 50 futures fell 4.5%, boding ill for European stock markets.

"Saudi Aramco can sustain low oil prices for a long time," Aramco CEO Amin Nasser said on an earnings call. "We are very comfortable with a $30/b price [and] can meet our dividend and shareholder expectations at $30/b and even lower."

Saudi Arabia and Russia have signaled plans to boost production, causing oil prices to nosedive.

Oman pumped 970,500 b/d of crude and condensate in December 2019, according to its ministry of oil and gas, but will be boosting volumes to its full capacity of 1 million b/d over the next few months,

Brent crude was 0.5% lower at $29.91 a barrel , WTI crude reversed most of its earlier 4.7% gains to stand at $29.04 a barrel.

Crude oil production from the major US onshore regions is forecast to increase 18,000 b/d month-over-month in March from 9,057 to 9,075 thousand barrels/day, gas production to decrease 188 million cubic feet/day from 85,167 to 84,979 million cubic feet/day .

ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases,

Brent crude fell $1.13 to $32.72 a barrel , WTI crude was at $31.01, down 72 cents after slipping below $30 earlier in the session

In April, Russia may fully return to production levels reached before the OPEC+ deal in October 2018, Novak said.

Replenishing the Strategic Petroleum Reserve would enable the government to take as much as 77 million barrels off the world market.