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Oil is poised for the first weekly decline this month as signs of stumbling recoveries in major economies from Europe to Asia threaten to delay a demand rebound.

Valaris Plc became the latest casualty of the global slump in oil prices, filing for bankruptcy Aug. 19 as the world’s largest offshore rig owner by fleet size seeks to restructure a roughly $7 billion debt load.

The Trump administration on Aug. 17 took another step to opening Alaska’s Arctic National Wildlife Refuge to drilling for oil and gas, potentially fulfilling a decadeslong dream for Republicans.

Oil fell below $42 a barrel in New York as OPEC+ gathered to assess its supply deal, with countries struggling to contain the virus that has hurt economies and fuel demand globally.

Oil is poised to post a second straight weekly gain, buoyed by an improving global economic picture and rising U.S. gasoline demand.

Occidental Petroleum Corp. will have just a single oil rig in the Permian Basin in the second half of the year, illustrating the scale of the shale industry’s pullback and the company’s debt woes.

Oil swung between gains and losses as uncertainty over the prospect of a U.S. virus relief bill that could boost fuel consumption offset signals of tightening global supply.

Wilks Brothers has made a competing proposal to recapitalize struggling energy company Calfrac Well Services Ltd. and criticized management’s deal as favoring insiders.

Oil rose the most in nearly two weeks as economic data from the U.S. to Europe and Asia signaled a flicker of life in languishing demand.

Offshore drilling contractor Noble Corp. filed for bankruptcy with a plan to cut more than $3.4 billion of debt.