Oil trades moderately lower in Asia

• Saudi Arabia talks unwinding of OPEC and non-OPEC agreement. 
• US oil rig counts rise. 

Oil prices on both sides of the Atlantic are trading moderately lower in Asia after Saudi's oil minister Khalid Al-Falih said the oil production curbs could be eased sometime in 2019. 

As of writing, US West Texas Intermediate (WT) is down 0.16 percent or 10 cents at $63.45/barrel. Meanwhile, Brent is pretty much flatlined at $67/barrel. Last week, WTI and Brent rose 3 percent and 4 percent, respectively. 

On Saturday, Al-Falih told reporters in New Delhi that the cartel is not sure on how it would unwind the production curbs, but stressed that necessary care would be taken to ensure the oil markets are not destabilized. Also, as per Reuters report, the oil minister said Saudi's oil production in January-March period would be well below the production cap, with exports averaging below 7 million barrels per day (bpd). 

Despite the good news, there is no upside pressure in oil prices in Asia, possibly due to rising rig count in the US. According to Baker Hughes data released on Friday, the US oil drillers added one rig last week, the fifth weekly increase in a row. The total count is now up to 799 - the highest level since April 2015.