2020.07.1010:19:00UTC+00Oil Extends Losses On Virus Fears

Oil prices tumbled on Friday to extend losses from the previous session as the resurgence of the coronavirus globally and in the U.S. raised fresh concerns about the pace of economic recovery.

Benchmark Brent crude fell over 2 percent to $41.48 a barrel, after having declined more than 2 percent on Thursday.

U.S. crude futures were down 2.3 percent at $38.70 a barrel, after having plunged about 3 percent in the previous session.

It is feared that renewed lockdowns following a rise in Covid-19 cases globally could weaken energy demand.

The United States reported at least 60,565 new Covid-19 cases on Thursday, the largest single-day tally of cases by any country since the virus emerged late last year in China.

The country's three biggest states - California, Florida and Texas - are reporting their largest single-day death tolls since the pandemic began, raising uncertainty about a recovery from the pandemic.

Some states are rolling back their reopenings, while others are ordering people arriving from hotspots to quarantine.

Greek authorities said they are ready to re-impose public and travel restrictions next week. Italy has banned entry to people coming from 13 countries.

Brazil and South Africa are also reporting rising virus cases. The border between Australia's Victoria and New South Wales (NSW) has been closed for the first time in 101 years.