Investors sent US stocks down by nearly a third from February into late March, before efforts to slow the spread of the coronavirus threw the economy into a recession.
Due to the collapse in demand, storage tanks for oil are close to the brim at a key energy hub in Oklahoma, forcing traders to pay others to take delivery of the oil.
US crude oil futures turned negative for the first time in history as storage space was filling up, discouraging buyers as weak economic data from Germany and Japan cast doubt on when fuel consumption will recover.
Prices recently crashed as the coronavirus pandemic saps global demand, with the situation compounded by a supply glut resulting from a price war between Opec cartel kingpin Saudi Arabia and non-Opec rival Russia.
The US president reversed his long-held dislike of OPEC and now needs it to help the struggling oil industry.
OPEC, Russia and other oil producing nations agree to cut output by a record amount, representing around 10 percent of global supply, to support oil prices amid coronavirus pandemic.
Thursday's Opec videoconference was part of a series of talks on stabilising the market, where oil prices have more than halved since the start of the year amid a pricing war between Saudi Arabia and Russia.
Kirill Dmitriev, one of Russia's top oil negotiators who also heads the sovereign wealth fund, says a deal is imminent, a month after oil prices tumbled due to the coronavirus pandemic and a price war between Russia and Saudi Arabia.
Oil prices have dropped by about two-thirds this year as the pandemic crushes demand and as major producers Russia and Saudi Arabia boost output in a war over market share.
The sources, from oil majors and refiners which process crude in Europe, said Saudi state oil company Aramco told them it would supply all requested additional volumes in April.
Delegates of OPEC and other oil producers including Russia – together known as OPEC+ – have been in a "joint technical committee" meeting in Vienna this week to discuss cutting production, amid fears of the coronavirus situation.
In the US, gasoline prices jumped after crude oil futures spiked nearly 15 percent following weekend attacks on Saudi Arabian oil facilities.
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