Energy

Oil markets: Coronavirus in focus

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An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia.

Simon Dawson | Bloomberg | Getty Images

Oil prices slid early on Friday, extending heavy overnight losses on a surge in U.S. coronavirus cases this week that has raised the prospect of a second wave of the outbreak slamming demand in the world’s biggest consumer of crude and fuel.

West Texas Intermediate was down $1.32, or nearly 4%, at $35.02 a barrel by 0011 GMT, after slumping more than 8% on Thursday. Brent crude was down $1.15, or 3%, at $37.40 a barrel, having dropped nearly 8% the previous session.

A rally off April’s lows has come to a…



Source cnbc.com

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