Oil slides 1% on fears over higher OPEC supply, slower China demand | Reuters
Oil prices slid more than 1% on Tuesday as expectations that OPEC would agree to raise oil supply in a meeting this week weighed on sentiment, already hit by concerns over slowing Chinese demand.
Brent crude dropped 80 cents, or 1.3%, to $62.89 a barrel by 0754 GMT, after losing 1.1% the previous day. U.S. West Texas Intermediate (WTI) crude fell 69 cents, or 1.1%, to $59.95 a barrel, having lost 1.4% on Monday.
They both touched the lowest in more than 6 days, extending losses that started late last 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.
“Concerns over an increase in OPEC+ supply and an end of Saudi Arabia’s voluntary cut of 1 million barrels per day (bpd) this month weighed on oil prices,” he said.
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