Could a second wave of COVID-19 see historic oil prices return? : Although lockdown measures have been easing across the world, the coronavirus pandemic is far from over. In fact, the situation is actually getting worse in a number of countries, such as the United States. So what does this mean for oil? As Finance Magnates reported, the total number of people to test positive for COVID-19 has now surpassed 10 million, according to Johns Hopkins University. This has been largely led by an uptick in cases across the United States, Brazil and Russia.