LONDON: Brent crude oil fell more than US$3 to a fresh four-year low under US$75 a barrel yesterday after Opec decided not to cut production, despite a huge oversupply in world markets.

Oil prices have fallen by more than a third since June as increasing production in North America from shale oil has overwhelmed demand at a time of sluggish global economic growth.

Ministers from the Organisation of the Petroleum Exporting Countries had been discussing whether to agree a production cut at their meeting in Vienna.

Benchmark Brent futures were down by US$2.96 a barrel at US$74.79 by 1520GMT, after hitting a low of US$74.36, their lowest since August 2010.

US crude was at US$71.07, down US$2.62.

"Oil prices are now completely in the hands of the market," said New York-based Energy Management Institute director Dominic Chirichella. Reuters