Crude oil prices dropped on Monday on expectations that The Organization of the Petroleum Exporting Countries (OPEC) production would remain high, stoking worries of oversupply despite declining US rig operations.
OPEC pumped at a two-and-a-half year high of 31.22 million barrels of oil per day (bpd) in May, Reuters monthly survey showed. The 12-member cartel meets in Vienna on Friday.
