Oil prices dropped under $66 on Monday on growing U.S. inventories and expectations that OPEC will keep production
Oil prices dropped under $66 on Monday on growing U.S. inventories and expectations that OPEC will keep production steady at high rates this year.
U.S. light crude for October delivery fell 19 cents to $66.06 a barrel by 0757 GMT, after hitting a new five-month low of $65.68. It had plunged $1.07 on Friday and lost more than 4 percent last week.
London Brent crude eased 15 cents to $65.18 per barrel.
Prices continued a slide from Friday after the potential early recovery of output from BP's giant Alaskan oil field and inventory data last week showing rising U.S. fuel stockpiles.
OPEC will consider a recommendation from its advisory committee that it keeps a current production ceiling unchanged at 28 million barrels per day (bpd), but leaves the door open to another meeting before December if prices drop sharply.
