The benchmark US crude oil price is also at a four-year low, after losing $2.57 to close at $74.28.
The price has fallen sharply since the summer and is 30% below its June price.
The drop comes as traders believe members of the Opec oil exporting countries, which control about 40% of world oil exports. will not cut production.
Opec's 12 member countries will meet later this month to discuss the global oil market.
Lower oil prices typically prompt Opec nations, which include the biggest oil exporting nation in the world, Saudi Arabia, to rein back output in order to limit supply and boost prices and income.
Most need higher oil prices to fund rising government spending.
But recent comments by oil ministers from Saudi Arabia and Kuwait suggest the group is unlikely to agree to a cut.
The US energy department said this week that it expected low fuel prices to last into next year.

In it, she plays Apple marketing executive Joanna Hoffman, the right-hand woman to the charismatic but deeply flawed genius at the centre of the film, played by Michael Fassbender.
"Thank you! I was trying to tidy away empty boxes that had been holding Christmas decorations that I just put up. It's the story of my life. A journalist said earlier: 'So how did you prepare for this day, did you get up early?' And I said: 'Yeah, I got up early and took the kids to school.' But I'm so thrilled, I can't tell you."
It doesn't get any easier. People think: 'Oh you're dab hand at this, it must be water off a duck's back." It bloody isn't! I think it gets more tense because 20 years ago when I was nominated for Sense and Sensibility, one wasn't as aware of who was the frontrunner was and what was causing some buzz. If you didn't want to read about it, you just didn't read about it - so you didn't have to hear about it.
But now, however hard one tries, it permeates into the ether with the internet. Things have really changed, so I have been much more aware of the comings and goings of this season that I would normally like to be - and it's made me quite sick.
It's fantastic. I'm so delighted to be nominated for something that really means as great deal to me and I'm proud to be a part of. The whole experience has been a highlight of my career and this role was not without its challenges, so to be acknowledged really feels terrific.
I'm so thrilled for him. That makes me breathe the biggest sigh of relief because just watching him and working with him for three months was great. We barely drew breath - particularly him. It was just mesmerising what he was pulling off and so it's great to se him recognised. He's so deserving of this month.
No, but I do have a little trick which I will share with you. One of the most stressful moments of an awards ceremony is not before you start getting ready - it's not even while you're getting ready. It's the moment sitting in the car between getting ready and the red carpet.
That moment is agony because you're sitting in a dress you don't want to crease, or it's slightly uncomfortable and you don't want to rip it. But I have managed to eradicate that moment in my my life by getting ready in same venue as the ceremony and then all you gave to do is walk down stairs.
It's the funniest thing in the world. A few years ago when I was nominated for Mildred Pierce I arrived at the venue and people were vacuuming the red carpet.  I walked down the red carpet in my flip flops stepping over Hoovers, it was hysterical.
The paparazzi only see the film star version of Kate Winslet - the real one doesn't look anything like that. They did kind of frown at me as I stepped over their Hoovers.
The price of Brent crude oil has fallen $3.60 - 4.4% - to $77.52, its lowest level for four years.
[NEXT_CONCEPT]
Kate Winslet has landed her 11th Golden Globe nomination for the Danny Boyle film Steve Jobs.