Oil prices dropped on concerns over the global oil oversupply. The stronger U.S. dollar also weighed on oil prices as market participants speculate that the Fed will start raising interest rate in December.
Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.
WTI crude oil for January delivery dropped to $42.28 a barrel on the New York Mercantile Exchange.
Brent crude oil for January fell to $43.91 a barrel on ICE Futures Europe.