Investing.com - West Texas Intermediate oil prices tumbled to the lowest level since September 2010 on Thursday, ahead of a much-anticipated meeting of the Organization of the Petroleum Exporting Countries in Vienna later in the day.
On the New York Mercantile Exchange, crude oil for delivery in January fell by as much as 2.95% to hit a daily low of $71.89 a barrel, before recovering to last trade at $72.14 during U.S. morning hours, down $1.96, or 2.64%.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery lost as much as 2.9% to hit a session low of $75.48 a barrel, a level not seen since September 2010, before trimming losses to last trade at $75.89, down $1.86, or 2.43%.
Oil prices fell after Saudi Arabia's Oil Minister Ali al-Naimi said Wednesday that 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 35% since June, when it climbed near $116, while WTI futures are down almost 33% 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.