Oil prices fell around 2 percent on Tuesday, extending losses from the previous session as concerns took hold that a six-week recovery may have petered out due to ongoing oversupply. The drops came after the Organization of the Petroleum Exporting Countries (OPEC) said that global demand for its crude would be less than previously thought in 2016 as supply from rivals proves more resilient to low prices, increasing the excess supply in the market this year. OPEC expects global demand for its crude to average 31.52 million barrels per day (bpd) in 2016, down 90,000 bpd from last month’s forecast. The group said it pumped 32.28 million bpd in February, down about 175,000 bpd from January, mainly due to outages in Iraq and Nigeria. But continuously high production figures mean that global output still […]