Oil prices tumbled on Friday, extending losses from the previous session, amid fears of the second wave of a coronavirus outbreak, with US virus cases surging this week. On the supply side, US oil inventories jumped last week to a record 2.1 billion barrels boosted by large supplies from Saudi Arabia. Meantime, the Federal Reserve painted a bleak outlook for the US economy, with Chair Jerome Powell warning of a long road to recovery. At around 06:00 AM GMT, WTI crude oil plunged 2.5% to $35.43 a barrel, while Brent crude oil plummeted 2.4% to $37.68 a barrel. For the week, WTI crude is heading for a loss of around 4% in its second straight weekly drop. Meanwhile, Brent crude oil is on track to its first weekly fall in seven weeks.
