Oil prices surged on word OPEC and its allies will hold a virtual meeting on Monday.
President Trump said he wants Saudi Arabia, Russia to cut oil production by 10 million barrels per day.
The president said Russian and Saudi leaders "know what to do to solve" the oil price war.
The COVID-19 pandemic has decimated oil demand.
WTI futures for May delivery fell 6.6 percent to $19.92 a barrel.
Crude oil prices crashed into a bear market this year after Russia refused to join Saudi Arabia and other OPEC members in cutting production to trim a supply glut due to demand destruction from the COVID-19 pandemic.
The VanEck Vectors Gold Miners Exchange-Traded Fund has fallen 10.14 percent in 2020, significantly lagging the 7.4 percent gain in the price of gold.
Gold will benefit from the Fed's open-ended asset purchases and the government's massive stimulus plan, Peter Schiff says.
The national average price of gas could drop as low as $1.50 according to Phil Flynn of the Price Futures Group.
Crude oil prices have crashed by as much as 63 percent since March 9, when Saudi Arabia slashed prices for its customers and lowered production in response to Russia's refusal to join OPEC in deepening output cuts.
West Texas Intermediate crude oil, the U.S. benchmark, fell by more than 10 percent Wednesday to a low of $24.21 a barrel, a level last seen in April 2002.
The energy market is reeling after a devastating one-two blow from the COVID-19 pandemic and the oil-price war between Saudi Arabia and Russia.
Gold is on pace for its worst weekly drop since June 2013 in what could be a temporary selloff.
Oil Tycoon Harold Hamm says Saudi Arabia and Russia are flooding the market with oil to hurt US producers.
Oil prices are mired in an historic slump, and America’s biggest banks are not immune from the pain.
The Dow's 2,013 point drop may signal a volatile week ahead for investors.
Oil plunged by as much as 33.8 percent on Monday, putting pressure on U.S. shale producers.
Oil prices crashed Sunday evening after Saudi Arabia launched a price war against Russia following the Kremlin’s decision not to agree to production cuts.
Saudi Arabia, the world's biggest oil exporter, is attempting to punish Russia, the world's second-largest producer, for balking on Friday at production cuts proposed by OPEC.
The safe-haven yen surged against emerging market currencies with exposure to oil.