Oil is heading for the first weekly loss since late April in New York on fears a second wave of U.S. infections could derail a fragile recovery, while swelling stockpiles raised fresh concerns about excess supply.

West Texas Intermediate for July delivery lost $1.38, or 3.8%, to $34.96 a barrel on the New York Mercantile Exchange as of 8:26 a.m. Singapore time after falling 8.2% Thursday.

The contract is down almost 12% this week.

Brent for August delivery slid 2.8% to $37.48 on the ICE Futures Europe exchange after dropping 7.6% in the previous session, the biggest decline since April 21.

The contract is down 11% this week, also heading for the first weekly loss since the end of April.

Source: Bloomberg