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.
Read MoreUS crude ends at 4-year low ahead of OPEC meeting
Several OPEC members want the group to cut production dramatically to ease a global supply glut, but Saudi Arabia, the biggest exporter, appears reluctant to endorse a big cut.
Kilduff believes that if OPEC decides to cut 1.5 million barrels a day or more, it will get a price rise.
"They're only going to benefit their competition and, I think, really not matter," he said.
Bhushan Bahree, senior editor of global oil with IHS, said there is no sign that members will agree to a price cut at this meeting although it can't be ruled out.
"There's no clue that they are going to do anything truly startling. That said, in the past they have surprised people at some meetings," he said.
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He believes that OPEC will probably be relevant in 25 years, because as long as they are exporting oil, there will be a need for the organization,
"If we need their oil, they'll probably keep going for the next 25 years," Bahree said.
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Kilduff believes the Saudis will still be a swing price setter in 25 years, but he thinks there will be a new alliance between Iran, Iraq and Libya.
"You could see a core of producers pull together there, but I think the divide between Saudi Arabia and Iran is going to last probably a generation now," he predicted.
—CNBC's Stefanie Kratter and Reuters contributed to this report.