Oil drops as OPEC expected to keep the status quo

FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic fell on Friday as the OPEC group is widely seen holding the daily production levels unchanged at 30 million barrels per day.

Front month WTI crude futures fell 0.9% to USD 57.48/barrel, while futures declined 0.71% to trade at USD 61.59%.

Saudi Arabia's oil minister Ali al-Naimi said he was 100% comfortable with the oil market, the Saudi-owned al-Hayat newspaper reported on Friday. Prices have also come under pressure as Iraqi exports are expected rise almost 5% in June.

Ahead in the day, the oil prices would be heavily influenced by the comments coming through from the OPEC meeting.