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·         Oil slips more than 4% on oversupply fears, sees fourth negative week in five

Oil prices fell 3% on Friday after U.S. President Donald Trump tested positive for COVID-19, roiling risky assets, and as rising global crude output threatens to overwhelm the market’s weak recovery.

Benchmark Brent and U.S. crude were both headed for a second straight week of losses. The uncertainty surrounding the U.S. president’s health added to a series of jitters, including a lackluster U.S. unemployment report and increased supply from major world oil producers.

Brent crude was down $1.12, or 2.7%, at $39.81 a barrel, after earlier touching a session low of $38.79 a barrel. West Texas Intermediate, the U.S. oil benchmark, settled $1.67, or 4.3%, lower at $37.05 per barrel.

U.S. and Brent crude are heading for drops of around 6% and 5% respectively this week in a second consecutive week of declines.

Reference: CNBC