Oil prices drop as OPEC says it's ready to supply more oil

Crude oil futures fell further Wednesday amid a widening belief that OPEC will consider increasing production to ease record prices. The president of the Organization of Petroleum Exporting Countries said the group stands ready to put more oil into the market although it had no plans to do so yet. Light, sweet crude for January delivery dropped 44 cents to $93.98 a barrel in electronic trading on the New York Mercantile Exchange, midmorning in Singapore.