Crude Dips Below $57 a Barrel Ahead of OPEC Meeting

Click here to write a Letter to the Editor.

rude Oil futures dipped below $57 a barrel at the close of trading on the New York Mercantile exchange Wednesday, driven down by larger-than-expected U.S. reserves, Bloomberg reported.

U.S. oil supplies posted their biggest gain since March, rising 5.02 million barrels to 335.6 million in the week ended October 13, according to a report from the Department of Energy.

Economists had expected an increase of 1.5 million barrels, Bloomberg reported.

Meanwhile, the Organization of Petroleum Exporting Countries will meet Thursday in Vienna, Austria, to discuss production cuts in the wake of declining oil prices, Bloomberg said.

Earlier in October, OPEC said it would consider scaling back production by about 1 million barrels a day, Bloomberg reported.

Crude oil futures fell $1.23 on Wednesday to close at $57.70 on the New York Mercantile Exchange, Bloomberg said.