From Motley Fool:

Oil stocks are surely caught in one of the worst times ever. The coronavirus pandemic has led many countries to impose travel restrictions, lock-downs, or other measures that have significantly reduced the demand for oil and refined products. On the supply side, while OPEC and other countries have agreed on production cuts, those may not be enough considering the extent of demand destruction. This got reflected in the muted response of oil prices following the agreement. However, it’s still a significant development that should help support oil prices over time when demand begins to rise again.

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