Oil prices fell on Friday, extending big losses from overnight as U.S. coronavirus cases surged this week and raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world's top consumer of crude and fuel.
TOKYO - Oil prices fell on Friday, extending big losses from overnight as U.S. coronavirus cases surged this week and raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world’s top consumer of crude and fuel.
Brent LCOc1 was down $1.34, or 3.5%, at $37.21 a barrel by 0701 GMT, having dropped nearly 8% in the previous session. West Texas Intermediate CLc1 was down $1.37 cents, or 3.8%, at $34.97 a barrel, after slumping more than 8% on Thursday. The oil benchmarks are heading for their first weekly declines in seven, with Brent and U.S. crude both down more than around 12% as rising stockpiles also drag on prices.
Producers from the United States, as well as from the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, have been cutting supply, some by record amounts. OPEC+ cut oil supplies by 9.7 million barrels per day , about 10% of pre-pandemic demand, and agreed last weekend to extend the reduction.
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