Crude prices dropped on Wednesday, one day before Organization of Petroleum Exporting Countries (OPEC) members meet in Vienna to discuss responses to a supply glut that has dragged down oil prices by a third since June.

Whether or not OPEC, which supplies a third of the world's crude, will agree on an output cut at the meeting has drawn much attention, with some traders even stepping back from the market ahead of the meeting.

Till now some members of the organization have signaled that the group is unlikely to make a cut.

Saudi Oil Minister Ali Al-Naimi said on Wednesday that he expected the oil market to stabilize itself eventually, further boosting expectation that Saudi Arabia, the group's top producer and exporter, would not support a production cut at the upcoming meeting.

United Arab Emirates Energy Minister Suhail Al-Mazrouei said Wednesday: "I am confident that we will take the right decision to stabilize the market. The market is getting bigger. OPEC is not targeting a certain price."

Some analysts said that OPEC needs to cut at least 3 percent production, or roughly one million barrels, to stop the retreat of oil prices. If the organization keeps production steady or reduces only a small amount, crude prices could fall further, they said.

U.S. crude stockpiles added 1.9 million barrels to 383 million barrels last week, according to a report released by Energy Information Administration on Wednesday. Stockpiles at Cushing, Oklahoma, the delivery point for U.S. crude, gained 1.4 million barrels to 24.6 million.

Light, sweet crude for January delivery moved down 40 cents to settle at 73.69 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 58 cents to close at 77.75 dollars a barrel. Endite

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