Brent Crude was up just over a dollar to US$49.15, up 2.1%.
The oil price war remains very much on as Saudi Arabia slashed its oil prices over the weekend to protect its market share.
Saudi Aramco, the Saudi state-owned oil company, reduced its official selling price for its main light grade to a level US$1.60 below the regional benchmark, having previously traded at a 10 cent premium.
On the plus side, pundits had seen the price cut coming and many had expected it to be more severe, which probably explains why the front month contract for West Texas sweet, light crude hardened 68 cents to US$46.22 a barrel.
Brent Crude was up just over a dollar to US$49.15, up 2.1%.
On the down side, Russia has upped its oil output to levels not seen since the dissolution of the Soviet Union.
The weakness of the rouble encouraged Russian operators to press ahead with drilling in September, pushing the production of condensate and crude to 10.74mln barrels a day, up 1% year-on-year.
Saudi Aramco, the Saudi state-owned oil company, reduced its official selling price for its main light grade to a level US$1.60 below the regional benchmark, having previously traded at a 10 cent premium.
On the plus side, pundits had seen the price cut coming and many had expected it to be more severe, which probably explains why the front month contract for West Texas sweet, light crude hardened 68 cents to US$46.22 a barrel.
Brent Crude was up just over a dollar to US$49.15, up 2.1%.
On the down side, Russia has upped its oil output to levels not seen since the dissolution of the Soviet Union.
The weakness of the rouble encouraged Russian operators to press ahead with drilling in September, pushing the production of condensate and crude to 10.74mln barrels a day, up 1% year-on-year.
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