Brent was down $1.38, or 1.5%, to $92.72 a barrel, WTI fell $1.17, or 1.3%, to $87.31.

This year has already seen Russia-China energy cooperation increase significantly. Oil and gas deliveries to China have risen since Russia's invasion began in February, and new supply and infrastructure deals were signed a few weeks before Russia's invasion was launched.

Brent rose 8 cents, or 0.09%, to $93.25 a barrel, WTI was at $87.35 a barrel, up 4 cents, or 0.05%.

World oil demand growth in 2022 remained unchanged from the previous month’s assessment at a healthy level of 3.1 mb/d. For 2023, the forecast for world oil demand growth also remained unchanged from the previous month’s assessment to 2.7 mb/d.

Benchmark futures rose as much as 6.9%, a day after closing 4.2% higher. Authorities are designing measures designed to rein in an unprecedented energy crisis that has fueled inflation, hurt industry and left nations on the brink of a recession.

So far, in 2022, spot electricity prices are five to ten times higher than in previous years. On August 22, the daily spot market price for Germany exceeded 600 EUR/MWh, 15 times the average of the 2010s.

U.S. Rig Count is down 1 from last week to 759, Canada Rig Count is down 3 from last week to 205.

Brent rose $1.24, or 1.4%, to $90.39 a barrel, WTI climbed $1.05, or 1.3%, to $84.59.

Germany doesn’t support a price cap on Russia gas because some countries are still dependent on those supplies, Economy Minister Robert Habeck told reporters in Brussels.

The Brent crude oil spot price averages $98 per barrel (b) in the fourth quarter of 2022 (4Q22) and $97/b in 2023.

U.S. commercial crude oil inventories increased by 8.8 million barrels to 427.2 million barrels.

Brent was down $2.33, or 2.4%, to $93.41, WTI trading to $87.02, up 15 cents from Friday's close.

Revert to the production level of August 2022 for OPEC and non-OPEC Participating Countries for the month of October 2022 as per the attached table, noting that the upward adjustment of 0.1 mb/d to the production level was only intended for the month of September 2022.

Still, gas and electricity prices pared some of their large gains from earlier in the day as traders weighed the intervention plans.

Benchmark energy futures fell after jumping on Monday, with Dutch front-month gas losing as much as 13% and German year-ahead power falling 11%.