Crude oil futures decline amid fading OPEC hopes

Investing.com - Oil prices spent most of Tuesday in negative territory, amid concern the Organization of the Petroleum Exporting Countries will not cut output to ease a glut.

On the ICE Futures Exchange in London, Brent oil for January delivery shed 24 cents, or 0.31%, to trade at $79.44 a barrel during European morning hours.

A day earlier, Brent lost 68 cents, or 0.85% to settle at $79.68 a barrel. Brent futures fell to a four-year low of $76.76 a barrel on November 14.

Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in January tacked on 6 cents, or 0.07%, to trade at $75.84 a barrel.

New-York traded oil futures fell 73 cents, or 0.95%, on Monday to end at $75.78 a barrel. Nymex oil hit $73.25 a barrel on November 14, the lowest level since September 2010.

Market players continued to weigh the likelihood that OPEC will cut output to support prices when it meets in Vienna on Thursday.

Oil ministers from Iran, Iraq, Libya, Venezuela and Ecuador have asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to lower production.

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 30% since June, when it climbed near $116, while WTI futures are down almost 29% from a recent peak of $107.50 in June.

Some market experts believe prices could drop an additional 25% to $60 per barrel if OPEC does not agree to cut production significantly.

Oil traders also looked ahead to the release of revised U.S. third quarter growth data due later in the session.

U.S. economic growth is expected to be revised down to 3.3% in the three months ending September 30, compared to an initial estimate of 3.5%.

The U.S. will also publish a closely-watched report on consumer confidence for November.