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Focus seems to have shifted from the rising U.S. oil production to continued strong compliance by OPEC and non-OPEC oil producers to the production cut agreement. Though January OPEC production increased slightly compared to December, compliance to the deal remains strong (around 138%), Combined with repeated comments by both OPEC and non-OPEC oil producers that they will continue to cooperate even when the deal expires later this year, this is supportive for oil prices.

The production of OPEC member Venezuela continues to decline. In January, output dropped by 30,000 barrels per day to 1.67 mio. barrels. According to Russia, which is part of the oil production cut deal, the country's oil production in January was 10.95 mio. barrels per day.

Interesting to see market reaction tonight when the weekly oil rig count from Baker Hughes is published. The U.S. oil producers last week added 12 new rigs and further additions could weigh on oil prices as more rigs could indicate increased production.

Turning to economic data front, today's main event will be U.S. job reports and UK construction PMI.