The issue with oil futures contracts is that they legally require physical delivery. While a deal was reached to cut production, the corona pandemic has resulted in a massive collapse in demand - massive cancellations of flights and cruises, far fewer people driving to work, far fewer people going out on weekends to the mall, movie theater, favorite restaurant or attending a concert or sports event. So there are very limited options for storing physical oil. There is little liquidity with these contracts. One video I saw illustrated a guy who had a paper gain of $26k on a May contract but he was screwed because he was legally liable to take delivery of the oil. Good luck finding a place to store hundreds or thousands of barrels of oil.