With most investments, they have an effective price floor of zero.
Nvidia, Tesla, GM, BAC any company can go to zero over night but because of the intrinsic self balancing feature of oil price as controlled by OPEC and non-OPEC members.
Crude oil has a price floor because the producers all have a breakeven price that if it goes under, they all start losing money so they reduce output and bring their price back up.
For US shale producers in the Permian Basin, that's around $60bbl. For the UAE that's $59bbl. Qatar is $42.
Right now WTI is at a 52 week low of $62. If it drops another $2 a lot of US producers are gonna start losing money.
Even with the recession risk that'll drop demand, the suppliers will correspondingly drop supply to keep prices stable.
As soon as the economy picks back up again, the crude oil price will increase.
Oil producers can and will go bankrupt but oil will always come back.