Wall St slumps more than 1.5 pct as oil plumbs 7-yr low
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All three major indexes extended losses on Friday, falling more than 1.5 percent, and were on track for their worst weekly performance in a month as growing oversupply concerns dragged down crude oil prices to their 7-year lows.
The International Energy Agency said it sees the oil glut worsening in 2016 as demand slows and OPEC shows no signs of slowing production.
The steep drop in oil prices adds to investor uncertainty as the US Federal Reserve prepares to raise interest rates for the first time since June 2006 at its meeting next week.
The CBOE volatility index, known as Wall Street's "fear gauge", was up 19.5 percent at 23.10, its highest level since early October.
Adding to the somber mood, China's yuan fell to its lowest in 4-1/2 years on concerns about the country's slowing economy and expectations of a US rate hike.
