Will we see lower oil prices?

''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, -0.61% 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, -0.83% dropped $1.35, or 1.7%, to $78.33 a barrel.

The tone was set in mid-morning trade after a meeting of energy officials from four major oil-producing countries failed to reach an agreement on output cuts.  Oil briefly pared losses after The Wall Street Journal said OPEC was inching toward a compromise on production cuts, but support soon gave way, leaving oil to set new lows.''