Oil

BP Oil Chief Executive Officer Bernard Looney said, despite the crash in oil, he's not cutting jobs anytime soon.

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 pandemic has caused fuel demand to plunge as travel stalls and people stay put

U.S. shale companies were pummeled this month by oil prices that tumbled as much as 63 percent from 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. 

The U.S. Department of Energy scrapped a plan to purchase domestic crude oil for its Strategic Petroleum Reserve after funding was not included in the broader stimulus package.

Occidental Petroleum Corp., the largest oil producer in the giant Permian Basin, has ceded to activist investor Carl Icahn's demands and announced deep spending cuts in a bid to survive the steepest crude-price plunge in decades.

China has begun buying U.S. liquefied petroleum gas (LPG) again after a hiatus of nearly 20 months as Beijing waived punitive tariffs to boost imports of U.S. goods as part of the Sino-U.S. Phase 1 trade deal.

Occidental Petroleum Corp will cut employee salaries by up to 30%

West Texas Intermediate crude oil, the U.S. benchmark, has plunged by 63 percent since Jan. 6, dragging down shares of Exxon Mobil and Chevron by 52 percent and 48 percent, respectively.

Production in the Permian basin at the end of the year is expected to be about 125,000 barrels of oil equivalent per day.