the following Tuesday. The former announced it would boost production to a record 12.3 million barrels per day starting in April, flooding the market with cheap inventory.
. Oil eked out minor gains through the session, but the deal marked a turning point in the price war and showed new cooperation in shoring up demand in the beleaguered market.April 20: The single-day slip pushed WTI prices into contango, meaning oil futures were more expensive than spot prices. The dynamic "tells us nobody in America wants the oil in the short-term," Jeffrey Halley, senior market analyst at OANDA, said then.FILE - This undated file photo shows the Trans-Alaska pipeline and pump station north of Fairbanks, Alaska.
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