Oil

The apparent end to Mexico’s standoff would potentially cement a deal between OPEC producers and their allies that would reduce global crude oil output by 10 million barrels a day until July.

On the call, the second in two days, Trump talked about the contacts he's had with leaders of a number of oil-producing countries.

Analysts warn the proposed 10 million barrel per day cut for May and June will not be enough to offset plummeting demand for oil globally.

The group called OPEC+ won’t cut output without Mexico’s participation

President Trump plays intermediary as oil deal fails to come together.

Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans to energy companies that may go bankrupt, sources aware of the plans told Reuters.

WTI crude had plunged 60 percent from its Jan. 6 peak through Wednesday as the price war between Russia and Saudi Arabia exacerbated a supply glut while the COVID-19 pandemic crushed demand.

The US energy industry has already reacted to the severe price collapse even without a fancy meeting.