Saudi Aramco changed the benchmark for setting its official selling prices to Asia starting from October 2018 to the average of Platts Dubai and DME Oman crude futures.
The decision was taken keeping in view the government’s priorities for maximum possible steps to provide relief to the masses, a PM Office press release said.
A Jan. 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, also looms over the market.
Brent crude was up 44 cents, or 0.9%, at $51.30 a barrel by 1650 GMT, while U.S. West Texas Intermediate (WTI) crude futures added 51 cents, or 1.1%, to $48.13 a barrel.
Shutdowns in more developed economies "increase refineries' exposure to the highly competitive product export market," BP said in its outlook, released in September.
Bitcoin extended gains over the weekend to reach a new high of $28,377.94 before stepping back to $26,457.32, bringing the total value of the cryptocurrency in circulation to over $500 billion.
Based on open hole logs data, the well was tested at a rate of 1.6 Milion Standard Cubic Feet per Day (MMSCFD) of gas and 12 Barrels per day (BPD) of condensate through 32/64" choke at Well Head Flowing Pressure of 190 Pounds per square inch (PSI) from Samanasuk Formation.
Brent crude futures rose $1.12, or 2.2%, to settle at $51.20 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.1, or 2.3%, to settle at $48.12 a barrel.
The support is identified as the 23.6% retracement of a five-wave cycle from $39.34. The wave c is expected to travel to $47.81, its 100% projection level.
Natural gas production in China is meanwhile set to exceed 186 billion cubic meters this year, Zhang was cited as saying at an energy work conference, up at least 7.1% from 2019.
Oil fell further after Trump threatened not to sign an $892 billion coronavirus relief bill, saying he wants Congress to increase the amount in the stimulus checks which lawmakers approved on Monday.
In an emailed statement on Monday, Citgo said "maintenance plans for our Corpus Christi refinery include a turnaround that is currently scheduled and budgeted for the fourth quarter of 2021."
The resistance is identified as the 7% retracement of the uptrend from $37.06 to $49.28. Support is at $47.50, a break below which could cause a fall to $46.40.
US West Texas Intermediate (WTI) crude futures dropped 30 cents, or 0.6%, to $47.67 a barrel at 0156 GMT, while Brent crude futures fell 26 cents, or 0.5%, to $50.65 a barrel.