Futures in London rose for a second session by as much as 6%, to almost $29 a barrel, as the U.S. central bank said it would buy unlimited amounts of Treasury bonds and mortgage-backed securities and also set up programs to ensure credit flows to corporations as well as state and local governments. The move saw U.S. equity futures reach their limit up band.

Meanwhile, U.S. Energy Secretary Dan Brouillette said the possibility of a joint U.S.-Saudi oil alliance is one idea under consideration to stabilize prices, though proposals to curb output were criticized by some regulators and drillers in Texas.

While oil pared some losses Tuesday, the broader market remains in dire health. A key North Sea grade was its weakest since 2008 on Monday, while gasoline in the U.S. crashed, highlighting the glut in both oil and products markets. IHS Markit estimates that global oil demand in the second quarter will contract by 14 million barrels per day, while Sanford C. Bernstein & Co. forecasts consumption could drop by as much as 20% this half.

“Crude oil has been trying to consolidate above $25 Brent for the last three days,” says Petromatrix managing director Olivier Jakob. “At current price levels focus is going to be back on production,” as high-cost producers struggle to keep pumping, he said.

Oil refiners across the U.S. are being forced to throttle back operations amid the historic plunge in gasoline demand and prices. In Chicago, wholesale motor fuel prices fell to just 15 cents a gallon, less than a fistful of bubble gum. Meanwhile, OPEC producer Nigeria offered to sell its crude in April at unusually large discounts, although traders said the West African country may not have gone cheap enough.

Those discounts are set to force crude into storage, though traders may find they can’t fill tanks quick enough, Citigroup analysts including Eric Lee wrote in a report. As a result, the oil futures curve is set to weaken further, they said, testing the ability of producers to keep pumping.