Crude prices fall as US supplies gain

Crude prices dropped Wednesday as crude inventories of the United States increased last week.

U.S. crude stockpiles added 2.6 million barrels to 381.1 million barrels for the week ended Nov. 14, topping market expectation, according to the Energy Information Administration.

Stockpiles at Cushing, Oklahoma, the delivery point for U.S. crude, also gained 720 thousand barrels to 23.24 million.

Organization of Petroleum Exporting Countries (OPEC), which pumps a third of the world's crude, will hold its next production meeting in Vienna on Nov. 27. The OPEC is increasingly likely to cut production during the meeting, Morgan Stanley said in a report Wednesday.

OPEC members have been divided on whether to cut output or not. Venezuela called publicly for a cut and Iran hinted a need to reduce output. However, Saudi Arabia, the top producer, prefer to cut price for more market share instead reducing output.

Light, sweet crude for December delivery moved down 3 cents to settle at 74.58 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 37 cents to close at 78.1 dollars a barrel.