Coronavirus Sends Oil Prices on Wild, Six-Month Ride

Coronavirus Sends Oil Prices on Wild, Six-Month Ride

The coronavirus transformed global oil markets in the first half of 2020, sending prices on a wild ride and spurring historic changes to energy supply chains and products used to invest in crude.



Oil started the year trading above $60 a barrel. The pandemic and ensuing global economic shutdown slammed U.S. crude; it fell below $0 for the first time ever in late April. Within weeks, though, prices had recovered. They now trade around $40 on the final day of the quarter.





































Oil prices have rebounded in recent weeks with drivers returning to roads and suppliers curtailing production.









































Behind the rally are the return of fuel demand after major economies started to loosen lockdowns and record output cuts by the Organization of the Petroleum Exporting Countries and allies including Russia.



U.S. production also has crumbled with companies forced to shut in productive wells, a trend investors say could forever alter the shale boom that made the country the world's largest producer of oil and