Russian President Vladimir Putin discussed the oil market with Saudi Arabia's Crown Prince Mohammed bin Salman on Wednesday

The EU executive unveiled a plan on Wednesday to support economies hammered by the pandemic

Brent fell 53 cents, or 1.5%, to $35.64, WTI was down 50 cents, or 1.5%, at $33.85.

Brent were up nearly 1.7%, or 61 cents to $36.14, WTI gained 3.4%, or $1.12, to $34.37 a barrel

The biggest independent shale oil groups in the US reported a record combined loss of $26bn in the first quarter

A U.S. ban on new offshore drilling in the Gulf of Mexico

Brent was up 6 cents, or 0.2%, at $35.19 a barrel, WTI had gained 27 cents, or 0.82%, at $33.52 a barrel.

Oil markets are being significantly disrupted due to global market dynamics and the coronavirus pandemic, the oil price crash was "causing financial and credit challenges, including oil company bankruptcies."

Putin ordered ministers to work out “special rates” that pipeline operator Transneft PJSC and Russian Railways JSC will charge for transporting crude and petroleum products

Brent dropped $1.96, or 5.4%, to $34.10 a barrel, WTI declined by $2.41, or 7.1%, to $31.51.

"When it comes to oil, there are signs that the market has tightened in recent weeks. The OPEC+ agreement, voluntary cuts outside OPEC-++, and production shut-ins are working together to start to rebalance the market. This will take time. As economies begin to open up, demand will follow, but the path to the next normal is not a straight line," Dr. Sultan Al Jaber, CEO of ADNOC Group and UAE minister of state said.

Oilfield services companies have lost approximately 49% of their market capitalization since the beginning of this year.

Argentina's oil-producing provinces applauded the reference price as well as an elimination of the 8% export tax when Brent is less than $45/b.

Brent rose 42 cents, or 1.2%, at $36.17 per barrel, WTI climbed 40 cents, or 1.2%, to $33.89.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.0 million barrels from the previous week. At 526.5 million barrels, U.S. crude oil inventories are about 10% above the five year average for this time of year.