Oil

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.

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.