Despite a tentative rally since, prices are heading for their eighth weekly loss in the last nine weeks. The oil brand reached $16.6 per barrel, while Brent was trading at $21.99 per barrel. This comes after May WTI contracts traded for -$37.63 a barrel on Monday.
ANZ said there were signs that oil producers had started cutting production, helping push prices up.
In the USA, manufacturers have started to stop the well and stop the drilling, which can reduce production in the U.S.by about 20%. Riyadh and Moscow drew a line under the dispute and, along with other top producers, struck a deal to cut output by nearly 10 million barrels a day earlier this month.
Kuwait, and Algeria announced the beginning of a decline in production even before the entry into force of the agreement OPEC+.
But with global storage space filling fast and oil demand shrinking by around 30%, those shut-ins are so far too little to rebalance the market.
"Despite the OPEC+ alliance agreeing to an unprecedented cut in output, the physical market is awash with oil", it said, referring to the OPEC and non-OPEC partners.
"Unless more production shuts down, the extracted oil will literally have nowhere else to be stored, which implies a forced shutdown across several locations", Head of Oil Markets at Rystad Energy Bjornar Tonhaugen said.
In China, where the coronavirus outbreak started late a year ago, analysts said fuel sales should pick up in the second quarter as Beijing eases curbs to contain the pandemic.
Meanwhile, U.S. legislators approved a almost $500 billion bill for relief from the pandemic, providing support to small businesses and hospitals.
The global economy may still see a record contraction this year, according to a Reuters poll.