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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.

They 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.

Oil optimism unwinding market's mad dash for storage

When the world economy slammed on the brakes last year, there was a rush to store a wave of unwanted crude and products, but rising prices and optimism about demand is spurring a swift unwinding of storage contracts.

At the end of February, the volume of refined products held on stationary tankers for over 10 days stood at 19.2 million barrels, down 77% from a peak of 84 million last May, IHS Markit estimates show.

The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, closely monitors global inventories, and the rate of drawdowns will be a major factor discussed when it meets on output policy on Thursday.

Reference: Reuters