Investing.com - Brent and West Texas Intermediate oil prices traded near four-year lows on Thursday, amid indications the Organization of the Petroleum Exporting Countries will not cut output at its meeting later in the day.
On the ICE Futures Exchange in London, Brent oil for January delivery lost as much as 1.9% to hit a session low of $76.28 a barrel, a level not seen since September 2010, before recovering to last trade at $76.51 during European morning hours, down $1.25, or 1.6%.
A day earlier, Brent fell 58 cents, or 0.74% to settle at $77.75 a barrel.
Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in January dropped $1.17, or 1.58%, to trade at $72.92 a barrel. Nymex oil touched a low of $72.63 earlier, the weakest level since September 2010.
On Wednesday, New-York traded oil futures declined 40 cents, or 0.54%, to end at $73.69 a barrel.
Oil prices fell on Wednesday after Saudi Arabia's Oil Minister Ali al-Naimi said he expected the oil market "to stabilize itself eventually", adding to speculation that OPEC will not lower production when it meets in Vienna on Thursday.
Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.
London-traded Brent prices have fallen nearly 34% since June, when it climbed near $116, while WTI futures are down almost 32% from a recent peak of $107.50 in June.
Some market experts believe prices could drop an additional 20% to $60 per barrel if OPEC does not agree to cut production significantly.
Trade volumes were expected to remain light on Thursday, with U.S. markets closed for the Thanksgiving holiday.