Brent inches up, holds above $66

Brent rose today amid calm trading as the US market closes down for a national holiday while the market monitors compliance with OPEC's deal to cut output. 

Eyes are still focused on OPEC and its allies to gauge their commitment to the agreement to cut output by 1.2 million barrels. 

Oil marked a 6.5% profit last week, the second weekly profit in three, and the largest since June 2018. 

President Trump said he'd be happy to cancel tariffs if a deal is reached with China, adding his administration is nearer that goal than ever. 

Chinese President Xi Jinping also said the talks will carry on in Washington this week, hoping for an agreement soon before the truce deadline in early March. 

US Oil Rigs 

Baker Hughes reported an increase of 3 rigs last week to 857 rigs in the week ending February 15 away from ten-month lows as output steadied at a record 11.9 million bpd. 

The EIA reported another record output in shale output at 8.179 million bpd. 

Brent futures due in April rose 0.1% to $66.3 a barrel, with a session-high at $66.8, and a low at $65.9.