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Oil prices rose after Russia slashed exports of its flagship crude Urals to the lowest in at least 10 years, signaling the determination of Moscow to work with its partners at OPEC+ to eliminate an oil glut.

Oil hovered near $40 a barrel in New York as investors weighed a resurgence in the coronavirus against signs of rebounding demand.

The U.S. Treasury Department levied sanctions on Mexican trading company Libre Abordo SA de CV for buying Venezuelan oil via oil-for-humanitarian-aid agreements with the embattled country.

Oil fell again as a fresh coronavirus outbreak in China, and increases in cases elsewhere, spurred concerns that a second wave of the virus will derail a nascent economic recovery.

Yet another Texas terminal is preparing to export oil, even as the pandemic continues to hammer global demand for U.S. crude.

Oil is heading for its first weekly loss since April, when prices collapsed below zero.

The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter.

The nationwide average price of a gallon of diesel increased by 1 cent to $2.396, according to the weekly report from the Energy Information Administration on June 8.

Oil fell after Saudi Arabia said it wouldn’t continue its additional, deeper output curbs after June.

The hills of the Yucatan Peninsula sapped Tropical Storm Cristobal of some of its power on June 4, but forecasters warn it will likely gain strength as it heads north across the Gulf of Mexico to the U.S coast, where it could bring downpours, high winds and rough surf.