Oil settles near a one-week low under $60

Oil prices settled back below $60 a barrel on Wednesday as traders fret that the Organization of the Petroleum Exporting Countries, meeting this week, will leave its production targets unchanged in the face of ample crude supplies from the U.S. and concerns Iran is about to boost production.

Data from a U.S. government report, meanwhile, showed a fifth straight weekly decrease in crude supplies, but production levels failed to fall despite weekly declines in the number of U.S. rigs actively drilling for oil.

July West Texas Intermediate crude CLN5, -0.13% fell $1.62, or 2.6%, to settle at $59.64 a barrel on the New York Mercantile Exchange. Prices saw their lowest price settlement since May 28 — just a day after marking their highest settlement of the year.

Brent crude for July delivery LCON5, -0.17%  lost $1.69, or 2.6%, to $63.80 a barrel on London’s ICE Futures exchange.

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