Saudi Arabia said it is monitoring oil markets and is ready to take extra measures to stabilize them along with OPEC+ allies and other oil producers

Investors sold the May futures contract due to expire on Tuesday in a series of waves. At one point the contract hit negative $40. The crude oil had ended the day at a negative $37.63 a barrel

The International Energy Agency (IEA), the energy watchdog for the world’s most industrialised nations, may announce purchases of up to several million barrels to buoy the deal

The energy watchdog said it expected oil demand to be 99.9 million barrels per day (bpd) in 2020, lowering its annual forecast by almost 1 million and signaling a contraction of 90,000 bpd

OPEC+ said it had agreed to reduce output by 9.7 million barrels per day for May and June, after four days of talks and following pressure from U.S. President Donald Trump to arrest the price decline

Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the US and several others join in with curbs to help prop up prices

OPEC+ works on a deal to cut the production of oil equivalent by about 10% of world supply, or 10 million barrels per day, in what member states expect to be an unprecedented global effort including the US

British energy giant slashed its planned spending for 2020 by one quarter and announced a 1.0-billion dollars hit from collapsing oil prices as the coronavirus outbreak destroys demand

US President Donald Trump invited US oil executives to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia

Global oil storage capacity is under intense pressure because of booming output from Saudi Arabia and the United States while the coronavirus outbreak slams the world economy and crude demand