HONG KONG : Oil prices fell on Monday on concern about a global supply glut as OPEC prepares for a meeting at which it is expected to maintain output. US benchmark West Texas Intermediate (WTI) for July dropped 70 cents to $59.60 a barrel, while Brent shed 73 cents to $64.83. Prices had jumped on Friday following a mixed US stockpiles report. The Department of Energy revealed Thursday a healthy decline in crude oil and gasoline reserves -- but also a rise in output that could aggravate the global oversupply.

However, dealers remain worried about demand as the global economy struggles to pick up the pace.

The Organization of the Petroleum Exporting Countries (OPEC), which pumps about a third of the world's oil, is to meet for a production gathering on Friday, at which it is tipped to endorse its current rate of production.