Oil prices extended their losses to a second day on Tuesday, as traders fretted about weak US economic data and news that Opec+ members were ready to raise production.
Brent crude, the international benchmark, fell 1.4 per cent to $77.29 per barrel on Tuesday, adding to a 4 per cent drop the previous day. If maintained, the two-day losses would be the biggest since the start of May. The US benchmark West Texas Intermediate fell 1.2 per cent to $73.35.
Members of the cartel agreed at the weekend to bring back a small proportion of its curbed production this year as eight members agreed to unwind some “voluntary cuts”. Then on Monday a report showed that US manufacturing activity was weaker than economists had expected in May.
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