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Oil was propped up by the biggest decline in U.S. crude stockpiles this year, signaling a bright spot in a market weakened by the COVID-19 pandemic.

Oil declined as investors turned their focus to domestic supply, with expectations for another build in U.S. stockpiles.

In March and April, as oil prices plunged to their lowest in a generation, Norwegian energy giant Equinor ASA was busy doing the opposite of what oil companies usually do: pumping as much crude as possible underground into giant caverns on the nation’s North Sea coast.

Schlumberger Ltd. posted its weakest sales in 14 years and is cutting one-fifth of its workforce while warning that new waves of COVID-19 could derail the nascent recovery in global energy demand.

Oil climbed to the highest level since early March in London on July 21 as hopes for an economic recovery from the coronavirus crisis lifted financial markets.

Chevron Corp. agreed to buy Noble Energy Inc. for about $5 billion in shares as the oil giant looks to beef up in the Permian Basin amid the wreckage of the worst crude crash.

Oil prices recently tumbled as a resurgence in coronavirus cases and impending U.S. layoffs darken the economic outlook.

Oil snapped its two-day rally amid a weaker demand outlook underscored by the OPEC+ alliance’s decision to taper production cuts and U.S. economic data signaling a slowing recovery in the labor market.

Oil jumped to a four-month high after President Donald Trump indicated that he doesn’t want to add more sanctions against Chinese officials for now in a move to diffuse tensions with Beijing.

Oil retreated before an OPEC+ committee meeting this week that may confirm the group’s intention to taper production cuts even as the coronavirus surges in many countries, including the U.S.