Oil Futures Settle Below $60 a Barrel

Oil futures on Wednesday dropped below $60 a barrel to settle at their lowest level in almost a week. Traders expect the Organization of the Petroleum Exporting Countries to leave its production ceiling unchanged, even though Iran may soon boost output and U.S. production levels remain high. July crude lost $1.62, or 2.6%, to settle at $59.64 a barrel on the New York Mercantile Exchange, its lowest settlement since May 28.