Oil prices sank to a one-week low Thursday as traders assessed ample global crude supplies ahead of the Organization of the Petroleum Exporting Countries’ Friday meeting. An oversupply of crude oil, largely due to robust production from the U.S. and some OPEC members, is keeping prices more than 45% below their highs from last June. Many analysts and investors expect the global oil glut to shrink in the coming months as demand increases and U.S. production falls in response to spending cuts. For the time being, market watchers say, world-wide crude output continues to exceed consumption. Light, sweet oil for July delivery recently fell $1.64, or 2.7%, to $58 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell $1.77, or 2.8%, to $62.03 a barrel on ICE Future Europe. OPEC, which opted against cutting production at its last meeting despite plunging oil prices, is […]