TOKYO (Reuters) – Oil prices fell for a second day on Wednesday, extending big losses from the previous session amid rising concerns about fuel demand as the coronavirus pandemic worsens.

Brent crude <LCOc1> dropped 23 cents, or 0.6%, to $41.03 per barrel by 0048 GMT. West Texas Intermediate <CLc1> fell 26 cents, or 0.7%, to $39.29.

The benchmarks fell more than 3% on Tuesday as global COVID-19 cases passed 1 million, having doubled in three months.

“It is important to keep in mind that moves to the downside have the potential to be supersized,” given rising coronavirus cases and increasing oil supplies around the world, said Bob Yawger, director of energy futures at Mizuho in New York.

CEOs of the world’s biggest trading companies are forecasting a weak recovery for oil demand and little movement in prices in the coming months and potentially years.

Weighing heavily on markets is the continued depressed demand for jet fuel, with air travel in the doldrums due to coronavirus restrictions and a general disinclination to travel.

Refineries have been trying to find ways to blend their product but an oversupply remains and some plants will be forced to shut down.

Marathon Petroleum Corp <MPC.N>, the largest oil refiner in the United States, started imposing job cuts on Tuesday, according to people familiar with the matter.

To counter the fall in demand the Organization of the Petroleum Exporting Countries is unlikely to increase oil production as planned from January next year, traders said on Tuesday.

The market looked past data from the American Petroleum Institute on Tuesday showing U.S. crude oil stocks fell against expectations, focussing instead on the rise in gasoline inventories.

Also keeping traders and investors on tenterhooks is the November presidential election, which may remain undetermined on election night, with both candidates

TOKYO, Sept 30 (Reuters)Oil prices fell for a second day on Wednesday, extending big losses from the previous session amid rising concerns about fuel demand as the coronavirus pandemic worsens.

Brent crude LCOc1 dropped 23 cents, or 0.6%, to $41.03 per barrel by 0048 GMT. West Texas Intermediate CLc1 fell 26 cents, or 0.7%, to $39.29.

The benchmarks fell more than 3% on Tuesday as global COVID-19 cases passed 1 million, having doubled in three months.

“It is important to keep in mind that moves to the downside have the potential to be supersized,” given rising coronavirus cases and increasing oil supplies around the world, said Bob Yawger, director of energy futures at Mizuho in New York.

CEOs of the world’s biggest trading companies are forecasting a weak recovery for oil demand and little movement in prices in the coming months and potentially years.

Weighing heavily on markets is the continued depressed demand for jet fuel, with air travel in the doldrums due to coronavirus restrictions and a general disinclination to travel.

Refineries have been trying to find ways to blend their product but an oversupply remains and some plants will be forced to shut down.

Marathon Petroleum Corp MPC.N, the largest oil refiner in the United States, started imposing job cuts on Tuesday, according to people familiar with the matter.

To counter the fall in demand the Organization of the Petroleum Exporting Countries is unlikely to increase oil production as planned from January next year, traders said on Tuesday.

The market looked past data from the American Petroleum Institute on Tuesday showing U.S. crude oil stocks fell against expectations, focussing instead on the rise in gasoline inventories. API/S

Also keeping traders and investors on tenterhooks is the November presidential election, which may remain undetermined on election

If you’re owed $500 for your dependents, you’ll need to act quickly to get the money.

The Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act) authorized payments of $1,200 for each adult and $500 per dependent child under age 17. Most Americans were entitled to this money. It was the IRS’s responsibility to distribute these funds.

Unfortunately, some people didn’t receive the stimulus check for their dependents. If that’s you — it’s not too late to claim your payment, but you’ll need to act soon.

How did this happen? From the beginning, the IRS didn’t have information about everyone who should receive a coronavirus stimulus payment. The agency obtained details about taxpayers and their dependents from tax returns filed in 2018 and 2019. However, not everyone files a return. Many people who receive Social Security benefits, railroad retirement benefits, and pension benefits don’t have to submit annual 1040 forms.

Fortunately, the IRS was able to obtain information for recipients of these benefits. They could send stimulus payments even if individuals did not file a tax return in either of the two key years. But unfortunately, the details the Social Security Administration or VA provided did not include any information about dependents.

That means many individuals received their own payment, but not the one due for any children they were entitled to get money for.

The IRS is now trying to ensure beneficiaries of Social Security, veterans benefits, or railroad retirement benefits can get their dependent payments. To do this, however, those beneficiaries need to fill out the form the agency has made available — and they must do it by tomorrow, Sept. 30, 2020.

If you don’t provide the IRS your information by tomorrow, you’ll be waiting a long time to get your additional coronavirus

Doors bursting open at stores. Crowds spilling into the aisles. Elbows brushing up against others. Products flying off shelves. These are the hallmark images of Black Friday.

Well, they were.

That was before the COVID-19 pandemic gripped the nation. Now, the future of the biggest shopping discount day of the year is unknown.

Yes, it will still happen

For many, shopping on the day after Thanksgiving is a tradition. Historically, it’s also one of the best days of the year to save money on big-ticket items like electronics and appliances.

But with social distancing the norm, it’s hard to imagine shoppers camping out on the sidewalk next to one another this year ahead of Nov. 27. It’s even more difficult to picture stores overflowing with excited shoppers.

See:Walmart is hiring 20,000 seasonal workers — here’s how a seasonal job could affect your unemployment benefits

Retail experts believe Black Friday will still happen in 2020, despite the pandemic. But there’s no disputing the fact that it won’t be a traditional experience.

“Being there at the crack of dawn, waiting in lines, the hustle and bustle in the store — that’s probably not going to exist,” says Jane Boyd Thomas, a professor of marketing at Winthrop University in South Carolina who has done research about Black Friday.

Sales will shift further online

For years, Black Friday has shifted to online channels, merging with Cyber Monday into a weekend-long event. The pandemic is set to further cement that transition.

After months of shelter-in-place orders, consumers have become more comfortable shopping from home. That will likely lead to an increase in online Black Friday purchases this year, says Dora Bock, associate professor of marketing at the Harbert College of Business at Auburn University in Alabama.

But the changes could go a step beyond

Target plans to use its stores to fulfill many online orders this holiday season


AFP via Getty Images

Target Corp. said Monday that it will host its Deal Days shopping event on Oct. 13 and Oct. 14, the same days that Amazon.com Inc. is having its delayed Prime Day event.

Amazon
AMZN,
+2.55%

also announced the dates for Prime Day on Monday.

Target Deal Days will feature digital promotions on “hundreds of thousands of items,” according to a statement sent to MarketWatch from the company.

Read: Amazon will host its delayed Prime Day shopping event on Oct. 13 and 14

Target
TGT,
+1.36%

has already begun to detail some of its plans for the holiday. The company teased an October launch of holiday season deals back in July.

The retailer is focusing its holiday staffing on the consumer desire for e-commerce and contactless purchasing, with plans to double the number of workers supporting Order Pickup and Drive Up, which allows consumers to have purchases placed in their cars.

Target seeks to hire about the same number of seasonal workers as last year, according to a company statement, about 130,000. About 40% of seasonal hires stay on once the season is through.

Target says it has added 10 million new e-commerce customers and has seen the demand for same-day fulfillment quadruple during the first half of fiscal 2020.

The company aims to fulfill 90% of its digital orders from stores, a strategy that has helped the company’s bottom line.

See: Holiday sales forecast to grow 1% to 2.6% during new October-to-December shopping season: AlixPartners

The retailer plans to rely heavily on its existing workers, giving
them the chance to work additional hours, something that executives say Target
associates have asked for.

The company will also give workers the option to train