Chevron Corp. agreed to buy Noble Energy Inc. for about $5 billion in shares as the oil giant looks to beef up in the Permian Basin amid the wreckage of the worst crude crash.

Oil prices recently tumbled as a resurgence in coronavirus cases and impending U.S. layoffs darken the economic outlook.

Oil snapped its two-day rally amid a weaker demand outlook underscored by the OPEC+ alliance’s decision to taper production cuts and U.S. economic data signaling a slowing recovery in the labor market.

Oil jumped to a four-month high after President Donald Trump indicated that he doesn’t want to add more sanctions against Chinese officials for now in a move to diffuse tensions with Beijing.

Oil retreated before an OPEC+ committee meeting this week that may confirm the group’s intention to taper production cuts even as the coronavirus surges in many countries, including the U.S.

Oil rebounded as a new virus treatment showed promising results, but rising COVID-19 cases continued to weigh on the market.

Oil refineries aren’t being spared as COVID-19 sweeps through Texas, which is setting records for new infections and hospitalizations in the U.S. almost daily.

Energy Transfer LP said it’s not making any moves to empty its Dakota Access oil pipeline after a judge July 6 ordered the conduit shut while a more robust environmental review is conducted.

Oil’s recent rally has hit a ceiling, with U.S. crude inventories holding near a record high and gasoline demand still at the weakest seasonal level in more than 20 years.

U.S. crude futures reversed course with investors concerned that lackluster demand through the summer months will weigh on the market’s recovery.