OIL IS TUMBLING

Crude oil is tumbling again.

West Texas Intermediate crude prices were down near $75 in morning trade on Tuesday after trading above $76.20 earlier in the morning after headlines crossing Reuters said that Venezuela, Russia, Mexico, and Saudi Arabia will "monitor" oil prices for a year, but did not agree to any output cut.

The headlines come after Venezuela said a meeting with Saudi Arabian oil minister Ali Al-Naimi did not result in the agreement for any output cut.

The parties agreed to meet again three months.

These headlines come just two days ahead of the latest OPEC meeting, which some in the market have expected would result in a production cut from the oil exporting cartel.

Mexico and Russia are not OPEC members.

Oil prices, which have slid more than 30% in the last several months, have been pressured by a global economic slowdown and a glut in supply, and many expected OPEC to announce an agreement on some sort of production cut to curb price declines.

In recent days, oil prices had rallied a bit, with WTI moving from about $73.50 a nearly $77 a barrel, before resuming their decline on Tuesday.

Here's the chart of Tuesday's drop in WTI prices.