OPEC countries, plus Russia, met Monday amid fears that the next wave of the pandemic will pummel demand.
U.S. stock futures and Asian shares fell Friday after the president said he and first lady Melania Trump had tested positive.
Oil prices are still far below the break-even point for many producers in the Middle East.
Oil has risen to roughly $40 a barrel after plummeting in April. With prices holding steady, big oil companies are likely to pounce on smaller ones.
Oil's recovery will depend on how the pandemic plays out, and whether there will be a second wave of illness.
Low crude oil prices have already achieved what regulators were seeking: to cut state production.
Midland, Texas, is ground zero for oil and gas production in the U.S., and much of the local economy, in some way or another, is tied to the industry. When West Texas Intermediate went negative for the first time ever…
At this point, oil is like that broken-down car you pay to have towed off to the junkyard.
If you're a consumer stuck in lockdown, you may not benefit from lower prices.
Demand for oil is falling so quickly that even a reduction in supply will take some time to affect markets.