The fall and winter of 2019-20 looked like easy money for investors in the oil market. Then the coronavirus hit.

In addition to the virus’s human toll, with hundreds dying in China and thousands sickened there and elsewhere, the global response to the health crisis has rippled through financial markets. Volatility returned to the U.S. stock market after months of relative calm, while bond yields have fallen and commodities prices have seesawed.

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