Oil prices slide on expectation of supply growth

NEW YORK (AP) -- Oil prices are falling slightly on the expectation that crude supplies will continue to grow in the U.S.

Benchmark West Texas Intermediate crude dropped 8 cents Thursday to $86.63 per barrel on the New York Mercantile Exchange. In London, Brent crude fell 21 cents to $102.11 on the ICE Futures exchange.

The drop follows reports on Wednesday that OPEC has cranked up oil production to a two-year high while crude supplies grew in the U.S. Analysts also said oil demand will slide further as U.S. refineries purge supplies of winter fuels and prepare to produce blends for warmer weather.