U.S. oil prices rebounded above $14 a barrel Wednesday, a day after a sell-off sparked by a major fund selling its short-term holdings of the commodity amid virus-triggered storage concerns.

European countries are working to find a balance in how far to ease coronavirus lockdowns, with Germany enforcing mandatory masks in all shops from Wednesday, as the crushing global economic cost of the pandemic becomes clearer.

US oil nosedived below $11 a barrel Tuesday after a major exchange-traded fund started selling its short-term contracts of the commodity, and storage concerns mounted as the coronavirus strangles demand.

HSBC on Tuesday said first quarter pre-tax profits almost halved as the banking giant was battered by the global coronavirus pandemic while it embarked on a major restructuring.

US oil prices fell heavily on Monday and slipped below $15 a barrel on renewed storage concerns as the coronavirus throttles demand, even as producers start slashing output to boost markets.

Ratings agency Standard & Poor's has downgraded its outlook for Greece on forecasts the economy will plunge into recession on the fallout of the coronavirus pandemic, while maintaining the country's credit rating.

EU Brexit negotiator Michel Barnier deplored a lack of progress in the latest round of post-Brexit trade talks on Friday, accusing Britain of stalling negotiations.

Barnier reported his concern at the end of a week of negotiations, which came amid the added urgency of the coronavirus pandemic that has shattered the economy in Europe.

The growing use of export restrictions by governments can be "dangerously counterproductive" as the world deals with the coronavirus pandemic, the IMF and WTO warned Friday.

European stocks slid at the open Friday, with EU leaders divided over the size of a financial rescue package to stimulate the bloc's economy left battered by the coronavirus pandemic.

US oil prices were set to end a historically bad week on a positive note, extending gains Friday owing to rising Iran-US tensions, though equities edged down following a series of crushing economic data.