Oil prices slumped close to $101 a barrel this evening, their lowest level since the start of April, with OPEC set to hold its output at current levels.
Brent North Sea crude dropped as low as $101.27 a barrel, but later stood at $101.75, down $1.69 from Monday's close. US crude lost $2.16 to $104.18.
Earlier, the OPEC president said the cartel, which pumps 40% of world crude, would decide to keep the level of its production unchanged at its meeting later tonight.
'We are going to stay with the level of production where we are now,' president and Algerian Energy Minister Chakib Khelil told reporters.
Oil prices peaked above $147 in July this year but now threaten to plunge below $100 due to faltering global economic growth and weakening demand for oil.
Some analysts had suggested OPEC would cut its excess output, estimated at about one million barrels per day above its official production quota of 29.67 million bpd.
