Oil prices declined on the results of the Organization of Petroleum-Exporting Countries' (OPEC) meeting. According to OPEC sources, the OPEC decided on its meeting today to raise its oil output limit to 31.5 million barrels per day (bpd) from the previous 30 million bpd.
Market participants are also awaiting the release of the number of active U.S. rigs later in the day. The oil driller Baker Hughes reported last Wednesday that the number of active U.S. rigs declined by 9 rigs to 555 this week. It was the lowest level since June 4, 2010.
WTI crude oil for January delivery fell to $40.03 a barrel on the New York Mercantile Exchange.
Brent crude oil for January declined to $43.30 a barrel on ICE Futures Europe.