Crude oil prices dropped on Monday on expectations that OPEC output would remain high after rising in May, stoking worries of oversupply despite declining U.S. rig operations. Crude oil prices jumped almost 5 percent on Friday, their biggest rally in over a month, as a bigger than expected fall in U.S. oil rigs in operation set off a renewed rush of bullish bets. But prices eased on Monday due to near-record production in most oil-producing regions, especially the Middle East. Front-month Brent crude futures LCOc1 had declined 35 cents to $65.21 per barrel at 1.23 a.m. ET on Monday. U.S. crude futures CLc1 were down 45 cents at $59.85 a barrel. Oil output by the Organization of the Petroleum Exporting Countries (OPEC) likely hit a two-and-a-half year high of 31.22 million barrels per day (bpd) in May and production is not expected to be cut during a meeting […]