Oil

The request from the Interstate Oil and Gas Compact Commission, a consortium of 31 states, comes as the coronavirus pandemic triggers a historic downturn in crude oil prices and fuel consumption.

Occidental Petroleum Corp on Tuesday reported that it swung to a loss in the first quarter on write-downs, and the troubled oil producer cut its budget for the third time since March in response to the historic crash of oil prices.

Texas energy regulators on Tuesday said they will not mandate oil production cuts, ending a month-long debate about whether or not they would wade into global oil politics for the first time in 50 years as crude prices crater to historic lows.

Oil prices have doubled as production cuts kick in and demand is slowly coming back.

Marathon Petroleum Corp. reported a more than $9 billion loss in the first quarter as the company logged over $12 billion in noncash impairments.

Oil prices rallied Monday as production cuts took hold and states pressed ahead with reopening their economies.

With businesses locked down and billions of people staying at home, demand for oil to fuel cars, planes and industry has dropped around 30 percent worldwide.

The bank hiked its estimate for U.S. West Texas Intermediate crude to $51.38

The month of May begins what can be a ho-hum period for stocks.

The oil giant entered the downturn with a strong balance sheet, CEO Michael Wirth told Maria Bartiromo.