Mubasher: Oil prices dropped on Thursday, in line with investors’ anticipation of the Organization of the Petroleum Exporting Countries’ meeting next week and whether it will extend production cuts.

Drillers of the US energy firms added nine oil rigs this week, reaching a total of 747 rigs, Baker Hughes, a GE company (BHGE) revealed.

By 6:32 GMT, Brent Crude futures slipped 0.3% to $63.16 per barrel (pb) and WTI Crude Oil (Nymex) futures inched down 0.3% to $58 pb.

The US crude inventories C-STK-T-EIA tumbled 1.9 million barrels in the week ended 17 November to 457.14 million barrels.