President Barack Obama will propose a $10-per-barrel tax on oil in his fiscal 2017 budget to finance self-driving cars, public transit, railroads and other transportation improvements, the White House said.

Oil bulls distressed that last week’s rally fizzled can find some comfort in forecasts for a bigger and longer rebound by the end of the year.

Mike Bertelsen, the Dickinson, North Dakota, terminal superintendent of regional Black Hills Trucking, said his branch of the company has felt the winds of change like many others in the region.

Oil resumed its decline after U.S. industry data showed crude stockpiles increased, exacerbating a global glut.

Oil rose from the lowest close in more than 12 years in New York as volatility climbed amid speculation that prices have fallen too fast.

A rapid appreciation of the U.S. dollar may send Brent oil to as low as $20 a barrel, according to Morgan Stanley.

Oil traded near a 12-year low Jan. 8 as investors focused on volatility in Chinese markets after the country sought to quell losses in equities and stabilize its currency.

Oil prices dropped over 2% toward its 11-year low Jan. 5 as traders shrugged off growing tension between two of the world's biggest oil producers and focused on a stronger U.S. dollar and swelling U.S. crude inventories.

Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply.