The pandemic has caused fuel demand to plunge as travel stalls and people stay put.
President Trump tweeted words of encouragement to the industry.
The travel restrictions in cities have affected tens of millions of people. Flights, trains, buses, subways, and for-hire cars have also been suspended.
Benchmark U.S. oil slid 7.7 percent on Thursday to settle at $22.60 a barrel. Goldman Sachs has forecast that it will fall well below $20 a barrel in the next two months because storage will be filled to the brim and wells will have to be shut in.