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While the global oil market remains in a dire situation, it’s starting to look like the nightmare scenario envisioned for the past month might just be averted.

Oil fell in a day of wild price swings as investors weighed supply-and-demand fundamentals against Saudi Arabia’s global price hike.

Oil surged after Saudi Arabia raised prices for its crude globally.

Oil declined as data showing rebounding demand wasn’t enough to offset ballooning inventories.

Oil’s recovery from last month’s epic plunge accelerated as production cuts start to whittle down a supply glut and more economies ease their coronavirus lockdowns.

U.S. stocks kicked off the week on a positive note, rallying late in the session to close higher as crude oil gained for a fourth consecutive day.

Oil reversed losses as the pace of stockpile builds at the key U.S. storage hub slowed last week.

Oil rallied on optimism that consumption could gradually return as major producers continue to cut output to counter a global glut.

Oil resumed losses after a brief bounce higher amid the aftershocks of a major index tracked by billions of dollars in funds exiting near-term contracts for fear prices may turn negative again.

Oil slumped below $12 a barrel as the biggest oil ETF said it will sell out of its June WTI futures position, adding to the downward pressure from a huge glut.