U.S. Crude Tumbles to Four-Year Low Before OPEC Meeting

West Texas Intermediate crude fell to the lowest level in more than four years after nations supplying a third of the world’s oil failed to pledge output cuts before this week’s OPEC meeting.

Venezuela, Saudi Arabia, Mexico and Russia said they plan to start quarterly monitoring of oil prices. Today’s talks in Vienna didn’t result in any joint commitment to reduce supplies, said Igor Sechin, who runs Russian state oil producer OAO Rosneft.