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Oil rallied on optimism that consumption could gradually return as major producers continue to cut output to counter a global glut.

Oil resumed losses after a brief bounce higher amid the aftershocks of a major index tracked by billions of dollars in funds exiting near-term contracts for fear prices may turn negative again.

Oil slumped below $12 a barrel as the biggest oil ETF said it will sell out of its June WTI futures position, adding to the downward pressure from a huge glut.

As Russia’s small oil producers struggle to survive a historic price crash, some say in private they wish they could just set their crude ablaze.

Oil ministers from the OPEC+ coalition held an unscheduled conference call on April 21 to discuss the collapse in crude prices, though a closing statement signaled they didn’t settle on any new policy measures.

Traders may have hoped that the April 20 collapse in U.S. oil prices below zero for the first time in history was an aberration.

The world’s biggest independent oil storage company has all but run out of space for crude and refined products as a result of the fast-expanding glut that COVID-19 has created.

Of all the wild, unprecedented swings in financial markets since the coronavirus pandemic broke out, none has been more jaw-dropping than Monday’s collapse in a key segment of U.S. oil trading.

Stocks have fallen in early trading on Wall Street April 20, as energy stocks get hammered by the latest collapse in the price of oil.

Oil plunged to the lowest in two decades amid a record collapse in U.S. fuel demand and the biggest-ever weekly build in domestic crude supplies.