With Saudi Arabia and Russia set to flood the market with oil next month, producers and shippers have been scrambling to lock oil up in storage as demand falls.
"Oil prices rising to triple digits, as some are people saying, is not something that I believe in," says International Energy Agency's Fatih Birol
Concern over trade war, oversupply persists; China car sales fall again
The US-China trade dispute rocked global equity markets last week, while a surprise build in US crude stocks added downward pressure to oil prices
US crude production climbed in March to 10.47 million barrels per day (bpd), a monthly record, data from the Energy Information Administration showed last week
A weaker dollar often boosts prices for oil and other dollar-denominated commodities