Oil drops in downbeat start to week

World oil prices fell today after the OPEC crude producers' cartel left its output ceiling unchanged last week in an oversupplied market, dealers said.
In late afternoon London deals, Brent North Sea crude for July shed 73 cents to USD 62.58 per barrel, compared with Friday's closing level.
US benchmark West Texas Intermediate (WTI) for delivery in July reversed USD 1.03 to USD 58.10 a barrel.
"With the OPEC meeting behind us, investors will be searching for a catalyst to provide direction for oil prices," said Morgan Stanley analysts in a research note to clients.
Investors were mulling the long-term impact on prices after the 12-nation Organisation of the Petroleum Exporting Countries (OPEC) on Friday defied calls to cut output to alleviate a global supply glut that has seen prices slump almost 50 per cent over the past year.

Instead, they kept their collective target at 30 million barrels per day -- where it has stood for more than three and a half years.

"Crude oil prices ... Continued to remain under pressure following the OPEC meeting on Friday which failed to provide any direction," added analyst Myrto Sokou at the Sucden brokerage in London.
"The outcome from OPEC meeting... Failed to surprise the oil market participants as OPEC members maintained the current level of crude oil output, as expected," she said.
OPEC countries are reported to be actually pumping more than 31 million barrels a day, with the risk of more coming on line.