Crude oil drops on OPEC fears

THE price of crude oil dropped back to around $61 (&pound;38) a barrel yesterday, ahead of an OPEC meeting this week.<br /><br />Oil has rallied over investor sentiment that the worst of the downturn is over. But fears that OPEC members won&rsquo;t cut their oil output at their meeting on Thursday meant prices dropped. Brent prices fell 72 cents to $60.06 a barrel on the ICE Futures exchange. Crude oil for July delivery fell as much as 42 cents, or 0.7 per cent, to $61.25 a barrel in New York. OPEC is likely to keep output quotas unchanged as recovering oil prices forestall the need for new cuts.