Oil prices plunge on supply glut worries

Oil prices plummeted Wednesday as there is no sign that the Organization of Petroleum Exporting Countries (OPEC) will cut its output quota at Friday's meeting.

The output from OPEC maintained its quota of 30 million barrels per day at its last November meeting.

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

In the week ending May 29, U.S. crude production added 20,000 barrels to 9.586 million barrels a day, according to the weekly report of the Energy Information Administration (EIA) Wednesday.

U.S. crude supplies last week decreased 1.9 million barrels to 477.4 million, 87.9 million barrels more than a year earlier. Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract, lost 980,000 barrels to 59.03 million barrels.

Light, sweet crude for July delivery moved down 1.62 U.S. dollars to settle at 59.64 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 1.69 dollars to close at 63.8 dollars a barrel.