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Saudi Arabia announced a surprise move to slash oil output to the lowest point in 18 years as it tries to spur the recovery from an energy crisis that has devastated the kingdom’s finances.

Oil fell in a day of wild price swings as investors weighed supply-and-demand fundamentals against Saudi Arabia’s global price hike.

Oil surged after Saudi Arabia raised prices for its crude globally.

The International Monetary Fund sees the world needing public investment of more than $20 trillion in the next two decades as nations spend on initiatives including improved healthcare systems, infrastructure and green technology.

California environmental regulators have issued an accelerated plan to mandate that truck manufacturers transition a portion of their sales from heavy diesel trucks to electric zero-emission vehicles beginning in 2024.

Oil’s recovery from last month’s epic plunge accelerated as production cuts start to whittle down a supply glut and more economies ease their coronavirus lockdowns.

The national average price of diesel fuel continued its steady slide, falling 3.8 cents to $2.399 a gallon, the Energy Information Administration reported May 4.

Volkswagen AG’s use of technology that helped it to cheat on diesel engine pollution tests violated European Union rules, an EU legal adviser warned in the second setback for the automaker at the bloc’s highest court this month.

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

The California Air Resources Board has conditionally approved a slate of regulatory amendments intended to more closely monitor the additives blended into B20 biodiesel that so far have not been deemed effective at mitigating oxides of nitrogen in the alternative diesel fuel.