Oil prices fell on Thursday as a large crude glut overshadowed strong global fuel demand ahead of a meeting on Friday in which OPEC looks to be unlikely to change its production quota. The Organization of the Petroleum Exporting Countries (OPEC) is expected to continue to produce about 2 million barrels per day (bpd) above demand, adding to a glut that has left millions of barrels stored on tankers without a buyer. Front-month Brent futures LCOc1 were down 30 cents at $63.50 per barrel by 0717 GMT. U.S. crude futures CLc1 dropped 40 cents to $59.24. Energy advisory Wood Mackenzie said on Thursday it was unlikely OPEC would agree to cut output at its June 5 meeting and that it expected the group’s crude output to remain just above its 30 million bpd production ceiling through 2016. The company said it forecast Brent to average $60 a barrel […]