Oil prices tumbled on Tuesday ahead of a meeting of oil cartel OPEC where a cut in production will likely be discussed.
U.S. crude lost $1.69 to settle at $74.09, its lowest close since September 2010. Brent crude was last trading at $78 a barrel, down $1.40, after rising to as much as $80.44 earlier.
Ministers from the Organization of the Petroleum Exporting Countries were gathering in Vienna for a meeting on Thursday to agree how to respond to a collapse in oil prices, which have fallen by almost a third since June.
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