Monday's rebound in oil prices have gathered steam following the above headlines, as WTI jumps above the 56 handle while Brent regain 61.50.
Oil prices edged higher on rising expectations of deeper output cuts when OPEC and its allies meet this week, although scepticism about a deal among some analysts limited the gains.
Reuters quoted two unnamed sources with the knowledge of the matter, saying that the OPEC and its allies (OPEC+) is considering deepening the current set of output cuts by at least until June next year, as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco.
Iraq expects the Opec+ group to extend its crude oil production cut, and deepen the agreed to cuts by 400,000 barrels per day, increasing the reduction target to 1.6 million barrels per day (Mmbpd), Kallanish Energy reports.
OPEC+ oil exporters have coordinated output for three years to balance the market and support prices.
"In order to ensure a balanced market, our research indicates that OPEC would need to reduce crude production to 28.9 million bpd - a drop of 0.8 million bpd from the level seen in the fourth quarter of 2019-levels - given our forecast for demand, non-OPEC supply and the impact of new IMO 2020 regulations on global crude runs", Tonhaugen added.
The investment bank said it expects Brent trading around $ 60 per barrel in 2020, "new growth is present or geopolitical shocks".
A showdown is taking place in Vienna as OPEC countries plus Russian Federation will gather in the Austrian capital on 5-6 December to discuss oil output levels in 2020.
Concerns about the inability of the United States and China, two of the world's largest oil user, to reach a preliminary agreement to settle a trade dispute their 17-month also weighed on oil prices, along with discouraging USA economic data.
The contract rose 1.4 per cent on Monday. Rystad Energy forecasts a supply growth of 2.6 million bpd year-on-year in 2020, led by United States shale, Norway and Brazil against weak global demand growth of only 1.0 million bpd year-on-year.
On Friday Brent and U.S. crude both fell on concerns that talks to end the trade war between the United States and China, the world's two biggest oil consumers, would be disrupted by USA support for protesters in Hong Kong.