The collapse of oil quotes in Europe and the United States began around 14.00 Moscow time after the European Commission published an updated macro forecast. In it the EC estimated the decline in the economy of the euro area at 7.75% for the year with a recovery of 6.5% in 2021.
ADP later reported that in April, the US economy lost 20 million jobs, having lost all of the labour market growth over the past 12 years in a month.
The "last straw" was data from the Energy Information Administration. Over the past week, in the States, crude oil reserves in storage increased by 4.6 million barrels, including by 2 million barrels in a hub in Cushing.