After the Organization of the Petroleum Exporting Countries and its allies said in early April that members would cut more than one million barrels per day of oil production, the path of prices looked clear. Supply was falling, demand was on the rise, and there was only one way for oil to go—up. The pattern held for about two weeks, but it has since reversed—and sharply, too.
Source: https://www.barrons.com/articles/oil-china-bp-marathon-opec-5d9e01f1?siteid=yhoof2&yptr=yahoo