Oil prices fall as OPEC output stays high
LONDON, June 1 (Reuters) - Crude oil prices dropped on Monday on expectations that OPEC production would remain high, stoking worries of oversupply despite declining U.S. rig operations.
The Organization of the Petroleum Exporting Countries (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 but is not expected to alter its production policy, keeping the world oil market amply supplied for the foreseeable future.
Front-month Brent crude was down 75 cents at $64.81 a barrel by 0730 GMT. U.S. light crude was down 70 cents at $59.60 a barrel.
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