Oil goes down as OPEC experts convene to arrange proposed output cut Oil dropped down today as investors are now examining the chances of success of the plans to cut output by the OPEC. U.S. crude dropped down by 23 cents, amounting to a decline of 0.46%. This leaves US oil at $49.49 while Brent crude had lost 0.26% dropping down to $50.34. Experts from the OPEC are meeting today in Vienna. Discussions will be centered around the arranged plans to cut production cut to 32.5-33 million barrels on a daily basis. According to the arrangements, OPEC will formally organize an official meeting by the ending of next month in Vienna. There it strongly hopes to conclude all the arrangements to finalize a deal to combat excessive global supply and stabilize falling oil prices. So far Iran and Iraq have shown their hesitation to agree to bring down output. Russia on the other hand which is outside the OPEC is rather pushing for a freeze in production levels rather than a formal cut. .Baker hes U.S. rig count at present shows that the count of rigs operating at present in the U.S. numbers 443, this will be its peak so far since the beginning of February.