TOKYO: Oil prices fell more than 1 per cent on Tuesday, extending losses that began last week, as investors unwound long positions on concern that OPEC may agree to increase global supply in a meeting this week and Chinese demand may be slipping.
Brent crude dropped 78 cents, or 1.2 per cent, to $62.91 a barrel by after losing 1.1 per cent the previous day. US West Texas Intermediate (WTI) crude slid 74 cents, or 1.2 per cent, to $59.90 a barrel, having lost 1.4 per cent on Monday.
Investors are worried OPEC and its allies, a group known as OPEC+, will boost oil output. 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.