Brent crude was up $2.06 at $63.88 a barrel , U.S. West Texas Intermediate crude rose $2.33 to $56.09.

The U.S. current-account deficit decreased to $130.4 billion (preliminary) in the first quarter of 2019 from $143.9 billion (revised) in the fourth quarter of 2018, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product in the first quarter, down from 2.8 percent in the fourth quarter.

The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The Strait of Hormuz is the world's most important oil chokepoint because of the large volumes of oil that flow through the strait. In 2018, its daily oil flow averaged 21 million barrels per day (b/d), or the equivalent of about 21% of global petroleum liquids consumption.

The International Atomic Energy Agency (IAEA) and the ITER International Fusion Energy Organisation are to enhance their cooperation in nuclear fusion research and related activities following the signing of an agreement that expands one signed in 2008.

Natural gas demand seasonality and growth in shale production have supported the development of LNG exports in Argentina. Argentina’s natural gas consumption peaks during the austral winter (May to September) and remains relatively low during the rest of the year.

Indonesia's LNG exports plunged nearly 50% month on month in April to to 633,863 mt, while crude oil exports jumped 35% over the same period, detailed figures from Statistics Indonesia showed this week.

"We can play a role because natural gas is relatively cleaner compared to coal," he said. "So we can help countries like China and India reduce their consumption of coal."

"Over the next five years we will do everything necessary to become truly energy independent: we will unite our power grids with the European ones, integrate into the European energy market, increase oil and gas production and create conditions for the development of alternative energy sources. Together with the energy saving program this will make our economy more efficient and will give impetus to the development of Ukraine," the head of state said during a meeting with the business community in Kyiv.

Brent crude was down 20 cents, or 0.31%, at $64.25 a barrel by 0630 GMT. U.S. West Texas Intermediate crude was down 16 cents, or 0.28%, at $56.90 a barrel.

U.S. Rig Count is down 2 rigs from last week to 967, with oil rigs up 1 to 789, gas rigs down 4 to 177, and miscellaneous rigs up 1 to 1. Canada Rig Count is up 12 rigs from last week to 119, with oil rigs up 11 to 80 and gas rigs up 1 to 39.

Energy and Clean Growth Minister Chris Skidmore said: "Coal is fast becoming the fossil of our energy system and it will soon be confined to the history books. To ensure this happens as soon as possible, we have committed to phasing out coal entirely by 2025."

Iran and Russia already have a deal whereby Iran sells 100,000 b/d of crude oil to Russia and receives 50% of the value in cash and 50% in equipment.

Prices for benchmark premium Australian coal out of Newcastle hit their weakest since September 2016 last week at $70.78 per ton and are likely to fall further given a slowing global economy.

U.S. crude oil production reached a new all-time high of 12.2 million barrels per day (mb/d) in May 2019

“Today, more than ever, international cooperation is important,” Novak said in a speech at an energy forum in the Russian city of St Petersburg.

Brent crude futures rose 0.7% to $65.66 per barrel, near Friday’s three-week high of $65.76, while U.S. crude futures were up 1.1% at $58.07, standing at its highest in over three weeks.

UK-based research and development company Innovative Physics Ltd (IPL) and China Environmental Protection Company Ltd (CEPC) have signed an agreement on technologies and skills to further improve the safety of nuclear power plants in China and overseas.

Dr. Sentyurin also highlighted that - according to the Forum’s projections - by 2040, the demand for natural gas is expected to increase at an annual average pace of 1.7%, corresponding to overall growth of 46%. Most of this demand growth will come from the Asia-Pacific region, with Europe continuing to be an attractive market for many gas producers.

«Но в перспективе нескольких десятилетий доля углеводородных источников останется достаточно высокой. Сегодня она достигает 87%, если этот показатель и снизится к 2040 году, то всего до 72-75%», - сообщил глава Минэнерго России.

В энергетической сфере Россия и Азербайджан активно сотрудничают и в многостороннем формате: в рамках Электроэнергетического Совета СНГ и в формате ОПЕК+.