Oil price are Down ahead of Opec meeting

Oil futures drop down to a new 4-year lows overnight as Opec members meet in Vienna this Thursday to decide whether to cut production.

ICE January Brent fell $2.27 to $75.48 a barrel (4-year low), while Nymex West Texas Intermediate was off $1.48 at $72.19. Brent crude is down -1.4% at $76.67. WTI is down -0.8% at $73.08.

Saudi Oil Minister Ali al-Naimi said yesterday that he believe that the oil market will stabilize itself eventually.

If they don't cut production, obviously the price of crude oil will continously fall. US rising oil production and Opec supplies surplus occured simultaneously with the low demand for it in China and Europe.