Oil prices slid more than 1% on Tuesday, extending losses that began last week, as expectations that OPEC would agree to raise oil supply in a meeting this week added to pressure and worries over slowing demand in China dampened sentiment.
Brent crude dropped 70 cents, or 1.1%, to $62.99 a barrel by 0457 GMT, after losing 1.1% the previous day. U.S. West Texas Intermediate (WTI) crude fell 71 cents, or 1.2%, to $59.93 a barrel, having lost 1.4% on Monday, as reported by Reuters.
Read alsoUkraine to face new threat if Nord Stream 2 launches – Naftogaz CEOThey both touched the lowest in more than one week.
Expectations that the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, would boost oil output from April are pushing prices lower, said Satoru Yoshida, a commodity analyst with Rakuten Securities.
The group meets on Thursday and could discuss allowing as much as 1.5 million barrels per day (bpd) of crude back into the market.