REUTERS

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.

More news reports