Oil futures sank to a fresh four-year low overnight as ministers from the Organization of the Petroleum Exporting Countries (OPEC) are set to meet Thursday with a group decision to cut production output looking increasingly unlikely.
Brent crude futures fell to $76.26 per barrel early on Thursday morning with U.S. crude futures extending declines to hover near a four-year low below $76 a barrel. Trading in the latter could be subdued in Thursday's session with markets closed for the U.S. Thanksgiving Day holiday.
In Vienna, ministers are expected to come to a decision on whether to cut OPEC's official quota of 30 million barrels a day. Early speculation suggested that Saudi Arabia - the main swing producer in the region - would call for a cut of up to 1.5 million barrels a day to help put a floor under prices which have dipped 30 percent since the summer.