Oil prices jumped more than 3% in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market.
As of Sunday evening, crude oil is trading for over $125 to $128 a barrel.
The national average for gas prices is now at $3.22 per gallon.
A renewed wave of COVID-19 is expected to further pressure demand
U.S. stocks rose on Friday following an 1,860-point plunge in Dow on Thursday
However, Saudi Arabia and Russia have not agreed on a timeline for cuts
Hin Leong, one of the largest oil traders in the world, hid some $800 million in losses
U.S. stocks fell on Friday as the U.S. lost more than 700,000 jobs in March.
Thursday's Stock Market Close: US Equities Rise On Hopes Russia-Saudi Oil Price War Ends, But Jobless Claims Spike
U.S. stocks rose on Thursday as oil prices surge, although more than 6.6 million people filed jobless claims last week
U.S. stocks dropped on Wednesday to start a second quarter after an unprecedented first quarter
Tuesday's Stock Market Close: US Equities Drop To Finish Unforgettable Quarter Of Extreme Volatility
U.S. stocks fell on Tuesday to close out a historically volatile first quarter.
Shell is cutting costs left and right as it deals with falling energy prices
U.S. stocks closed higher on Monday after a volatile rally in the prior week.
Wednesday's Stock Market Close: US Equities Finish Mixed On Bernie Sanders' Threat To Hold Up Stimulus Bill
U.S. stocks soared on Wednesday after lawmakers’ agreed on a stimulus bill, but then fizzled after Sanders threatened to hold up package.
Tuesday's Stock Market Close: US Equities Skyrocket, Dow Soars 2,100 Points, On Hopes For New Stimulus Bill
The Dow recorded its largest one-day gain since 1933.
OPEC-IEA said low oil prices will hurt the economies of oil producers that are not yet high-income states
U.S. stocks plunged on Monday despite massive stimulus package from Fed
Monday's Stock Market Open: US Equities Plunge Despite Global Central Bank Actions, Oil Drops Below $30
U.S. stocks dropped on Monday despite massive stimulus package from the Fed
U.S. stocks plunged on Friday in volatile trading, despite strong U.S. employment figures.
Thursday's Stock Market Close: US Equities Drop, Dow Plunges 970 Points, On Intensifying Virus Worries
U.S. stocks plunged on Thursday as traders’ fears of coronavirus returned.
Monday's Stock Market Close: Dow Soars Record 1,294 Points, As Market Rebounds From Last Week's Sell-Off
U.S. surged on Monday as central banks vowed to enact measures to fight the economic effects of coronavirus.
Monday's Stock Market Open: US Equities Rise As Central Banks Pledge To Act Against Virus, Oil Rebounds
U.S. stocks rose on Monday as central banks vowed to enact measures to fight the coronavirus.
U.S. stocks dropped on Thursday as the CDC confirmed a coronavirus case of unknown origin in northern California
U.S. stocks soared higher Wednesday as investors turned to bargain-hunting after the Dow's two-day plunge.
U.S. stocks closed flat on Friday on some disappointing economic data.
U.S. stocks closed higher Wednesday despite continuing virus worries
U.S. stocks closed narrowly mixed on Tuesday despite continuing virus worries
Monday's Stock Market Close: US Equities Rise, S&P And Nasdaq Set New Highs, Despite Coronavirus Fears
U.S. stocks closed higher on Monday despite renewed virus worries
U.S. stocks closed lower on Friday as strong January jobs report was overshadowed by virus woes.
Thursday's Stock Market Close: US Equities Rise To New Highs On China Tariff Cuts, Good US Economic Data
U.S. stocks closed higher on Thursday after China said it will halve the tariffs on some U.S. imports