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Continued crude oil outages of the North Sea Forties pipeline and the pipeline operator has declared force majeure on crude deliveries.

The International Energy Agency (IEA) released its monthly oil market report yesterday, and among other things, the agency stated that "Total supply growth could exceed demand growth: indeed, in the first half the surplus could be 200,000 barrels per day before reverting to a deficit of about 200,000 barrels per day in the second half, leaving 2018 as a whole showing a closely balanced market". Read the report,

The European Union is in the midst of Brexit talks, other than that no major economic news today.

Later tonight, the weekly oil rig count from Baker Hughes will be followed closely for indication of continued growth in the number of active oil rigs in the U.S.