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1st LD Writethru: Oil prices drop ahead of OPEC meeting

Xinhua, June 2, 2015 Adjust font size:

Oil prices fell Monday as there were no sign that OPEC will cut output quota at its Friday meeting.

The Organization of Petroleum Exporting Countries (OPEC) maintained it output quota of 30 million barrels per day at its November meeting.

The cartel's output in April increased by 18,000 barrels to an average of 30.84 million barrels per day, according to OPEC's monthly report.

Oil prices also dropped as traders took profit from Friday's surge. The number of U.S. rigs actively drilling for oil during the week ended May 29 fell by 13 to 646, reported oil service company Baker Hughes Friday.

Economic data coming out Monday did not support the market as U. S. consumers continued to save even when incomes increased. The U. S. Commerce Department said on Monday that personal spending was flat in April after rising an upwardly revised 0.5 percent in March, while personal income increased 0.4 percent in April after being flat in March.

Light, sweet crude for July delivery moved down 10 cents to settle at 60.2 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 68 cents to close at 64.88 dollars a barrel. Endite