Oil extends its weeklong losses

Tokyo — Oil prices fell more than 1% on Tuesday, extending losses that began last week, as investors unwound long positions on concern that oil cartel Opec may agree to increase global supply in a meeting this week and Chinese demand may be slipping.

Brent crude dropped 78c, or 1.2%, to $62.91 a barrel by 1.38am GMT, after losing 1.1% the previous day. US West Texas Intermediate (WTI) crude slid 74c, or 1.2%, to $59.90 a barrel, having lost 1.4% on Monday...

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