Oil drops to 4-year low as traders await OPEC

Oil futures slumped to their lowest close in more than four years Tuesday, as traders grew more doubtful the Organization of the Petroleum Exporting Countries will deliver meaningful` production cuts when cartel officials meet later this week.

Nymex WTI crude for January delivery CLF5, -0.04%  dropped $1.69, or 2.2%, to close at $74.09 a barrel, the lowest finish for a most-active futures contract since September 2010. ICE January Brent LCOF5, +0.09%  dropped $1.35, or 1.7%, to $78.33 a barrel.