Oil erased gains as the shutdown of swaths of the global economy triggered a meltdown in fuel demand.

Futures in London traded little changed after earlier rising as much as 4%, as measures by governments to restrict travel hammered fuel consumption and led to the biggest daily decline in U.S. gasoline prices since 2005. A gauge of crude's volatility jumped to the highest in data going back to 2007.

As airlines cut more flights and a growing number of countries go into lockdown, oil markets are facing a glut. The slump in demand is coinciding with a flood of supply as Saudi Arabia and Russia engage in a price war for market share. New York futures lost 23% last week, the most since December 2008.

Brent for May settlement traded up 1 cent at $30.06 a barrel on the ICE (NYSE:ICE) Futures Europe exchange as of 10:40 a.m. in London. WTI for April delivery rose 44 cents, or 1.5%, to $29.14 a barrel on the New York Mercantile Exchange.

Source : Bloomberg