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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.

A federal judge on July 6 sided with the Standing Rock Sioux Tribe and ordered the Dakota Access pipeline to shut down until more environmental review is done.

OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again.

Saudi Arabia seems to have made good on its promise to cut oil production by a record amount in June.

After months of empty roads, lockdowns were easing, and people were getting behind the wheel again. Then the virus struck again.

Oil prices rose after Russia slashed exports of its flagship crude Urals to the lowest in at least 10 years, signaling the determination of Moscow to work with its partners at OPEC+ to eliminate an oil glut.